Demonetisation: Nov 8 is 'anti black money day'

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In a bid to counter the opposition's plan to observe the first anniversary of the November 8 demonetisation as "Black Day", the ruling BJP on Wednesday said it will celebrate the day as "Anti-Black Money Day" across the country. When the NDA government came to power (May 2014), Prime Minister Narendra Modi took steps to minimise and end it.

"The step that the finance minister has announced yesterday will certainly boost demand and investment as well as strengthen the banking system", Jalan told PTI in an interview.

The special investigation team (SIT), to go into black money, which was directed by the Supreme Court in 2011 and was not acted upon by the previous UPA government, was formed by the NDA, the Finance Minister said.

At a press briefing in New Delhi called to detail the state of the economy, Union Finance Minister Arun Jaitley said India had been the fastest growing major economy in the last three years and the attempt was to maintain a high growth rate in the coming years. They had also made a decision to form a coordination committee.

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With his tweet, the Gandhi scion indicated his belief that Jaitley's positive forecast for the economy was a "farce" created to mislead people.

"'Modinomics" and "Jaitleynomics" have destroyed India s economic growth story", he alleged. "Jobs are in peril, businesses are shutting down, exports are falling, GDP is on a downward spiral, NPA's have touched a whopping Rs 9 lakh crore and credit growth is at a low of 63 years", Sharma said.

He added that the Congress had adequate opportunity while being in power, but he "can't recollect a single step that they took against black money".

Jalan, who was Governor of RBI from 1997-2003, also said that the overall shape of the economy is very strong. The Modi government had "hurt" the economy and "put it in the ICU". He also said that against Rs 1,01,183 crore blackmoney unearthed during 2013-14, only Rs 29,211 crore was unearthed during 2016-17 and a total Rs 17,526 crore detected as undisclosed income' during the current year.