The 8th of November 2017 observes the 1 year completion of the scheme put forward by Prime Minister Narendra Modi- Demonetization.
On the first anniversary of demonetization, the BJP and the Congress are likely to lock horns. While the ruling party is celebrating November 8 as ‘anti-black money day’, several Opposition parties have decided to observe it as a ‘Black Day.’ Several Union ministers and BJP leaders will be highlighting the “benefits” of demonetization across the country today.
Describing the BJP-led government’s demonetization exercise as a reckless step, former prime minister Manmohan Singh on Tuesday, the 7th of November said scrapping higher value currency notes was organized loot and legalized plunder.
Challenging the Cambridge-trained economist, Finance Minister Arun Jaitley said the exercise was an “ethical drive and a moral step” that made corruption difficult. He referred to demonetization as a watershed moment in the history of the Indian economy.
While the former prime minister said “Demonetization has proved to be a mere blister to reap political dividends while the real offenders have escaped. I repeat, this was an organised loot and legalized plunder.”
Elaborating on the benefits of demonetization, the finance minister said it was aimed at making India a more formal economy with a broader tax base and less cash in the system.
Demonetisation anniversary LIVE updates:
8.32 am: “Demonetisation was a populist measure, done in the name of the poor. But like many revolutions done in the name of the poor, it hurt them by extracting the highest price from them,” Pratap Bhanu Mehta writes in The Indian Express today.
8.25 am: Following the footsteps of PM Narendra Modi, several BJP leaders, Union ministers and state BJP units took to Twitter to share their thoughts on ‘anti-black money day’. From Suresh Prabhu to Vijay Goel, leaders are celebrating November 8 as anti-black money day.
8.20 am: Congress vice-president Rahul Gandhi said noteban move was a ‘thoughtless act.’ “Demonetisation was a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act,” he wrote on Twitter.
8.10 am: West Bengal Chief Minister Mamata Banerjee criticises the noteban move. “Demonetisation is a big scam. I repeat, demonetisation is a big scam. If thorough investigation is conducted, this will be proved,” she wrote in a Facebook post on Tuesday. Contrary to government claims, Mamata alleged that demonetisation was not to combat black money. “It was only to convert black money into white money for vested interests of political party in power. Black money became ‘white fund’ for them,” she said.
8.00 am: Congress organises Marathon in Chhattisgarh to observe ‘black day’ on demonetisation anniversary, reports ANI.
7.40 am: Prime Minister Narendra Modi takes to Twitter to share the “success” of demonetisation. “I bow to the people of India for steadfastly supporting the several measures taken by the Government to eradicate corruption and black money,” he tweeted. The Prime Minister also shared a short film on “benefits of demonetisation.”
7.35 am: Union Ministers Nitin Gadkari, Ananth Kumar, Nirmala Sitharaman, Mukhtar Abbas Naqvi, Suresh Prabhu and Smriti Irani will speak to the media in Mumbai, Hyderabad, Chennai, Chandigarh, Jaipur and Lucknow respectively, reported news agency PTI.
7.30 am: Union Ministers Prakash Javadekar and Piyush Goyal will address press conferences in Bengaluru and Ahmedabad respectively. Union Minister Jayant Sinha has also been drafted for the exercise, according to sources.
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