Note ban led to 'India's highest ever unearthing of black money', says government

NEW DELHI: On the one-year anniversary of demonetisation, the Narendra Modi government said the decision to scrap high value notes led to "India's highest ever unearthing of black money".

"0.00011% of India's population deposited almost 33% of total cash in the country!", said the government.

In a full-page advertisement it had published in several national dailies, the BJP-led NDA government called the demonetisation decision of November 8, 2016 "a historic and multi-dimensional success".


The advertisement said the note ban positively impacted everything from anti-terror efforts to job creation.

Scrapping of high-value notes, the government said, dealt a "decisive blow to terrorism and naxalism". Stone-pelting incidents in Kashmir reduced 75 per cent and incidents of left-wing extremism fell more than 20 per cent, it said.

Demonetisation also led to a "massive cleansing" of India's financial system+ , the Centre said in the advertisement.

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"In a surgical strike on shell companies, 2.24 lakhs companies (were) struck off...58,000 bank accounts belonging to 35,000 companies (were) caught transacting Rs 17,000 crore after demonetisation," said the government.

PM Modi, meanwhile, tweeted, saying, "I bow to the people".




Modi also tweeted a short film on "the benefits of demonetisation".