Four years of Demonetisation, Nirmala Sitharam calls it a "major push to the digital economy"

New Delhi: Union Minister of Finance, Nirmala Sitharam has said that 'Demonetisation' has led to the digitisation of Indian Economy. Today marks the fourth year of Demonetisation in the country.

On November 8, 2016, Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1000 banknotes. He also announced the issuance of new Rs 500 and Rs 2000 banknotes.

Demonetisation has given a major push to PM Modi led government's initiative 'Digital India' as the citizens of the country moved to 'cashless and digital' payment post the demonetisation of notes.

Sitharam wrote on her Tweet: "To fulfill its promise of freeing India from corruption, the Modi govt implemented Demonetisation 4 years ago on this day, today. The move that was an unprecedented attack on Black Money also led to better tax compliance and a major push to digital economy. #DeMolishingCorruption"

Sitharam said that demonetisation not only brought transparency and widened the tax base of the country but has also curbed the counterfeit currency and increased the circulation of notes.

The minister shared an infographic, which showed the declining trends of fake currency in banking channels since demonetisation happened. In 2016-17, more than 7 lakh fake currency notes were detected. Gradually, it saw a declining trend with about 5 lakh in 2017-18, about 3 lakh in 2018-19 and 2019-20, and only 90,589 in 2020-21 (up to September 2020).

At the beginning of the PM Modi-led government, in 2014, 4.4 crore Income Tax Returns were filed, which has now increased by 2 crores as 6.79 crore Income Tax Returns were filed in 2019. The finance minister also shared that the notes in circulation have increased from Rs 17.74 lakh crore in November 2016, to Rs 22.35 lakh crore in December 2019.

While the minister shared several infographics on the success of Demonetisation, the opposition has come up with a Twitter hashtag #SpeakUpAgainstDeMoDisaster, asking people to speak up against the 'failed' demonetisation of PM Modi.

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