Anti-Black Money Day To Be Observed On November 8, Says Arun Jaitley - Highlights

Finance Minister Arun Jaitley today said November 8 will be observed as "anti-black money day". It was on this day last year that Prime Minister Narendra Modi announced the notes ban move that scrapped Rs 500 and Rs 1,000 notes overnight. "Demonetisation was a big step," Mr Jaitley said today. The demonetisation anniversary celebration will be observed across the country to highlight the policy of the Modi government. The notes ban anniversary will help raise awareness about the importance of weeding out black money from the economy, the finance minister said.
 

Here are the highlights of Arun Jaitley's address:

• The party has decided that on November 8, 2017, the BJP will celebrate anti-black money day in the nation. All the top leaders of the BJP and state chiefs will organise events on this theme and highlight the steps we have taken to curb black money in India.
• Whatever black money has been detected in bank accounts or anywhere else will be probed.
• Demonetisation was also a big step in making India a cashless currency. The primary three motives - reduction in amount of cash transaction, increase in commercial transaction and increase in tax rate in the country have been achieved. Through GST we have got India into a transition phase.
• The probe against black money has not been achieved through baby steps.
• The Congress had adequate opportunity to be in power. I can't recollect a single significant step that they took to curb black money.
• They (Congress) had reconciled to India living with a shadow economy. It is understandable this would never be on the political agenda of the Congress leadership.
• I think the Congress has not understood the concept of demonetisation. The ownership of cash is not known; it is an anonymous owner. So when cash gets deposited in banks, what was being laundered earlier, now gets into the law books. So for entry into the lawful system, you are liable to pay tax. Those who had never paid tax in their life, were happy with the laundering system.
• Once we have the fundamentals of the subject correct, we will be able to understand the subject better.
• The people who have ruined the nation will now give lectures? Between 2008 and 2011 there has been indiscriminate (money) laundering; there was no money left in the banks. They (Congress) kept fooling people of the nation. We have taken some time to correct their blunders.
• This (anti-black money) is not a one-time campaign. Such campaigns will continue because it is a part of the larger picture.