New Delhi: Today we celebrate the second year of demonetization. On November 8, 2016, Prime Minister Narendra Modi’s announced ban on 500 and 1000 currencies. The reports show that 99.3 percent of the prohibited banknotes returned.
Prime Minister Narendra Modi’s historical declaration which, targeted the fake currency and black money launders in India, pushed the economic growth of the Indian. India became the 6th economic power in the world aligning France a step behind in the graph. The industrial rapid rise of India as industrial friendly country is another sweet fruit of the bitter root.
Modi announced, on 8th Novemeber 2016, 8pm. Economists analyse the ban on currency as boon in all sectors. India and Kerala earned the highest tax collection, of all the time, this year. Taxpayers’ number hiked. Tax returns of Rs 6000 crore was received, in the very next year of demonetization.
About 8 lakh people used the opportunity to declare their illegal assets and paid the fine. Tax revenue increased by over 70 per cent tax rebates.
Digitalization took a strong leap taking advantage of the situation. The restriction introduced in the Indian economy challenged the forgers. The International Monetary Fund’s assessment of IMF and other organizations predict Indian economy growing to a much stronger one in the recent future with Prime Minister Narendra Modi.
