Demonetisation helped reduce black money, increased tax compliance, gave boost to transparency: PM Modi

On the fourth anniversary of demonetisation, Prime Minister Narendra Modi on Sunday said it has helped reduce black money, increase tax compliance and formalisation, and given a boost to transparency. On November 8, 2016, Prime Minister Modi announced the decision to ban all currency notes of higher denomination of Rs 500 and Rs 1,000 from midnight.

Taking to Twitter, Prime Minister Modi listed the beneficial outcomes of demonetisation. "Demonetisation has helped reduce black money, increase tax compliance and formalisation and given a boost to transparency," he tweeted. "These outcomes have been greatly beneficial towards national progress," Modi said on Twitter using the hashtag 'DeMolishingCorruption'.

Along with his tweet, the prime minister also shared a graphic on how demonetisation has ensured better tax compliance, improved tax and GDP ratio, made India a lesser cash based economy and gave a boost to national security.