SME Times News Bureau | 08 Nov, 2018
On the second anniversary of the Modi's 2016
decision to ban Rs 1,000 and Rs 500 notes, Finance Minister Arun Jaitley on
Thursday claimed the decision proved beneficial for the economy.
In an article 'Impact of Demonitisation' written by
Jaitley, the Finance Minister said demonitisation is a key step
in a chain of important decisions taken by the Government to formalise the
The Government first targeted the black money
outside India. Asset holders were asked to bring this money back on
payment of penal tax, he said.
Those who failed to do so are being prosecuted
under the Black Money Act. Details of all accounts and assets abroad
which have reached the Government, resulted in action against the violators,
Technology has been used for both Direct and
indirect taxes to facilitate filing of returns and expanding the tax base, the
Financial inclusion was another important step to
ensure that even weaker sections became part of the formal economy, Jaitley
Jan Dhan Accounts have resulted in most people
being connected to the banking system. The Aadhaar Law has ensured that
Direct Benefit Transfer of Government support system reached directly into the
bank accounts, he added.
The GST has further ensured that in the matter of
Indirect taxes, the tax procedures become simple. It is now becoming
increasingly difficult to evade the tax system, Jaitley said.
In contrast, ridiculing Prime Minister Narendra Modi's
"knowledge of economics", the Congress on Thursday ripped into him
for the "reckless" decision of demonetisation that it said wrecked
the economy and consumed many lives.