Demonetisation was to root out corruption: Jaitley

New Delhi, Nov 7: Describing the NDA Government's decision to demonetise currency notes of Rs 500 and Rs 1000 denomination as a reflection of a 'hidden urge of a larger section of our society for a long period of time to root out the curse of corruption and black money" Finance Minister Arun Jaitley on Tuesday said posterity will view national economic development post November 2016 with a great pride for providing a fair and honest system to live in.

In a series of tweets, on the eve of the first anniversary of demonetisation, Mr Jaitley said stone pelting incidences in Jammu and Kashmir and Naxal activities in LWE affected areas have been reduced significantly due to the impact of demonetisation. 'It was a hidden urge of the larger section of our society for a long period of time to root out the curse of corruption and black money. 'Posterity will view national economic development post Nov.,2016 with a great pride for providing them a fair & honest system to live in,' Mr Jaitley tweeted. Mr Jaitley said one of the important objectives of demonetisation was to make India a less cash economy and thereby reduce flow of black money in the system. In this context, Mr Jaitley said 28,088 struck off companies involving 49,910 bank accounts have done deposit and withdrawal of Rs 10,200 crore since November 9, 2016. 'IT Department has taken action against more than 1150 shell companies, which were used as conduits to launder more than Rs 13,300 crore,' Mr Jaitley said
Mr Jaitley's comments came on the eve of the first anniversary of demonetisation tomorrow.
The Government is celebrating the first anniversary of Demonetisation as 'anti-black money day'. The Opposition parties are, however, planning to observe November 8 as a 'Black day' with protests being planned across the country against the decision of the Government which, the opposition says, has destroyed the economy and led to huge job losses. UNI