BJP to observe Nov 8 as 'Anti-Black Money Day'

26 October, 2017, 00:57 | Author: Katrina Soto
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Bharatiya Janata Party will celebrate 8 November, first anniversary of the demonetisation move, as "anti-black money day", said Finance Minister Arun Jaitley in a press conference on Wednesday. Congress' senior spokesperson Anand Sharma hit out at Prime Minister Narendra Modi and demanded that he introspect, apologise to the nation and demit office for his "reckless decision". "The Finance Minister should have used the words before understanding it", he added.

The finance minister also said that post the implementation of goods and services tax in the nation, a new transition phase had heralded in the country, which would make cash generation hard.

The Indian government approved on Tuesday a state bank recapitalisation plan of 2.11 trillion rupees (US$32.43 billion) over the next two years, in a bid to clean banks' books and revive investment in a slowing economy. They had also chose to form a coordination committee.

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In a stimulus package aimed to boost flagging economic growth, create jobs and increase credit flow, the cabinet on Tuesday approved a Rs2.11 trillion recapitalisation plan for state-run banks and massive road infrastructure investment of almost Rs7 trillion over five years. He said since the government was formed in 2014, from day one it had taken steps against black money. "If there is an ideological polarisation over a debate on November 8 over the issue of pro-excess cash economy and anti-black money, then the BJP will definitely take it forward", Jaitley said.

Jaitley listed out steps, including constitution of an SIT, benami law and reworking of Indias double taxation avoidance agreement with some countries besides demonetisation to argue that the government has been working to curb black money. Surjewala said the truth is that the biggest increase in digital transactions happened during the Congress rule, when it rose by 53 and 49 per cent during 2012 to 2013 and 2013-14.

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