BJP to observe November 8 as 'Anti-Black Money Day': Arun Jaitley

Finance Minister Arun Jaitley today said the Bharatiya Janata Party or BJP will observe November 8 as 'Anti-Black Money Day'. Last year on November 8, Prime Minister Narendra Modi had demonetised old Rs 500 and Rs 1,000 currency notes. In a press conference, the Finance Minister said that the Congress and other political parties have not understood the object behind the demonetisation.

The Finance Minister stated the main objectives of the note ban and said the government wanted to reduce the quantity of cash currency, increase the taxpayers base, squeeze the terror funding and digitise the commercial transactions. Jaitley said confiscation of money was never the object of demonetisation. He also hit out at the Congress for calling the demonetisation the single biggest money laundering scheme.

Jaitley said: "The Congress has not understood the object of demonetisation. The ownership of cash is not known, it is in the hands of anonymous owner. So when cash gets deposited in banks, what was being laundered earlier, now gets into the law books. So for entry into the lawful system, you are liable to pay tax. Those who had never paid taxes in their life, were happy with the laundering system."

Arun Jaitley also said that the Congress had the adequate opportunity to be in power and yet it did not take any significant action to remove black money. He said the ownership of money before demonetisation was not known to the system, however, after November 8, the money that has come into the banking system is accountable to the authority.

When asked about the Election Commission's decision to delay the poll dates for Gujarat, the Finance Minister said: "Just a couple of weeks ago when Rajya Sabha election in Gujarat happened, the Congress was singing praises for the Election Commission. Therefore, the Election Commission should not be browbeaten by a disgruntled and losing politically party."