PM Narendra Modi introduced demonetization policy on November 8, 2016, by replacing 500 and 1000 rupee notes by new 500 and 2000 notes. It was believed that the reason behind this policy was to curb black money, to check terrorism and to reform economic policy overall.
So, November 8, the first anniversary of Prime Minister Narendra Modi’s shock decision to ban high-denomination notes will be celebrated by the BJP as anti-black money day announced by the Finance Minister Arun Jaitley.
Prime Minister Narendra Modi and his government have described GST and demonetization as key structural reforms that will deliver vast progress in the fight against corruption and untaxed or black money.
Mr Jaitley reiterated the government’s defence by stating that major objectives behind demonetization have already achieved and these included increasing the base of taxpayers and digital transactions to make the country less reliant on cash.
However, the policy led to the cash crunch and economic slowdown.