Arun Jaitley Defends Demonetisation As Opposition Steps Up Attack

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Arun Jaitley defends demonetisation on its 2nd anniversary in a Facebook post. (File)

New Delhi:

On second anniversary of demonetisation, Finance Minister Arun Jaitley says the aim not to confiscate cash but to get it into formal economy even as the opposition is leaving no stone unturned to keep the pressure on the government on the note ban. In a Facebook post, he described Prime Minister Narendra Modi's overnight ban on higher currency notes on November 8, 2016, as a "key step in a chain of important decisions taken by the government to formalize the economy". Calling it a "black day", the Congress said Prime Minister Narendra Modi should apologise to the nation for destroying the economy.

On November 8, 2016, PM Modi had made the controversial announcement during a televised speech delivered at 8:15 pm, scrapping existing Rs. 500 and Rs. 1,000 notes with immediate effect. He said the objective of the exercise was to curtail black money and reduce the part played by counterfeit currency in funding terrorism and other illegal activities.

Here are the LIVE UPDATES of Demonetisation Anniversary:

Nov 08, 201812:29 (IST) Twitter is also abuzz with activity as #DestructionByDemonetisation and #CorruptCongressFearsDemo were the top trends on the site.Nov 08, 201812:07 (IST)"Demonetisation was a self inflicted deep wound", says Delhi Chief Minister Arvind Kejriwal
Delhi Chief Minister Arvind Kejriwal said that even thought the list of "financial scams" of the BJP is endless, it still remains a mystery as to why such a step was taken.

Though the list of financial scams of Modi govt is endless, demonetisation was a self inflicted deep wound on Indian economy which even two years later remains a mystery why the country was pushed into such a disaster ?

– Arvind Kejriwal (@ArvindKejriwal) November 8, 2018

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Nov 08, 201812:01 (IST) The ruling BJP countered opposition comments on demonetisation with its own statistics, asserting that it led to India's highest ever unearthing of suspicious transactions and deposits.

Emphatic increase in tax compliance post demonetisation.

– BJP (@BJP4India) November 8, 2018

Nov 08, 201811:58 (IST) "Nation's Economy Burned" in 50 days, says Shashi Tharoor on second anniversary of demonetisation.

We gave him 50 days but it was the nation's economy that burned in that time! #DestructionByDemonetisation

– Shashi Tharoor (@ShashiTharoor) November 8, 2018

Nov 08, 201811:54 (IST) CPI(M) leader Sitaram Yechury said that PM Modi has "singlehandedly destroyed the economy, lives and livelihoods."

Modi & his minions claimed demonetisation will end black money, finish corruption, terminate terrorism, and bring only digital transactions. Two years later, Modi is silent. The truth is that he singlehandedly destroyed the economy, lives and livelihoods. #DemonetisationDisaster

– Sitaram Yechury (@SitaramYechury) November 8, 2018

Modi has clearly forgotten what he said. It is our duty to remind him of what he did to India and us Indians.

– Sitaram Yechury (@SitaramYechury) November 8, 2018

Nov 08, 201811:51 (IST) West Bengal Chief Minister Mamata Banerjee said that demonetisation was a "disaster"for the country on its second anniversary.

#DarkDay The government cheated our nation with this big #DeMonetisation scam. It ruined the economy and the lives of millions. People will punish those who did this

– Mamata Banerjee (@MamataOfficial) November 8, 2018

Nov 08, 201811:47 (IST)"Scars Only Getting More Visible With Time": Manmohan Singh On Notes Ban
Former Prime Minister Manmohan Singh in a statement said, "It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds are only getting more visible with time."

Former PM Dr. Manmohan Singh's Press Statement on two years of Demonetisation & the devastating impact it had & continues to have on the Indian economy.

– Congress (@INCIndia) November 8, 2018

Nov 08, 201811:43 (IST)Finance Minister Arun Jaitley defends demonetisation move
Finance minister Arun Jaitley said demonetisation "targeted the black money outside India…details of all accounts and assets abroad, which have reached the Government, resulted in action against the violators".
Nov 08, 201811:39 (IST) ​On November 8, 2016, Prime Minister Narendra Modi announced the scrapping of 500 and 1,000-rupee notes in circulation.No more content CommentsSource Article