Demonetisation: Nov 8 is 'anti black money day'

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Bharatiya Janata Party (BJP) will celebrate "Anti-Black Money Day" on November 8 to mark the first anniversary of demonetisation, Union Finance Minister Arun Jaitley said 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".

Rajiv Kumar, the Financial Services Secretary in the Ministry of Finance, said public sector banks were ready to take off due to strong economic fundamentals and push to public investment in infrastructure and strengthening the country's banking system will result in more jobs, growth and investments.

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. Demonetisation was a big step towards it. Jaitley said the government has decided on the steps necessary to sustain growth momentum. But they also account for a bulk of the record 9.5 trillion Indian rupees (US$145 billion) of soured loans. Taking a dig at BJP chief Amit Shah, Sharma asked whether Amit Shah's son Jay Shah would find a place in this celebration.

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Jaitley further said that people, who deposited money disproportionate to their income "are now being forced to pay taxes".

Real GDP growth average is 7.5% in the last 3 years. I cant recollect a single significant step they ever took against black money. Pointing out that the GDP growth slowdown has bottomed out and the economy is turning around, Garg said the International Monetary Fund had recently projected that the country would achieve an 8 percent growth rate soon. The Modi government had "hurt" the economy and "put it in the ICU". "The government feels the economy should be a less cash economy, the opposition believes the economy should be cash dominated", he said.