India just celebrated its 71st Independence Day, and as always Prime Minister Narendra Modi took the center stage at the Red Fort, Delhi and gave a speech to inspire for a better tomorrow by overcoming the problems that plague India. One of the highlights of the speech was to demonstrate the success of demonetization that has received flak as well as favorable arguments. He said that 3 lakh crore of unaccounted wealth had flown into the banking system.
Narendra Modi said,
“When demonetization was announced, the world was surprised. People thought that this was the end of Modi. But the way our 125 crore countrymen showed patience and faith, we were able to take one step after another in our drive against corruption.”
Below are the highlights of Modi’s demonetization’s revelation:
- 1.75 lakh crore made in banks post demonetization.
- 18 lakh people under scrutiny for undisclosed income.
- Of the 18L people, 4.5 lakh people are now amending their “mistakes”.
- While 1 lakh “who had neither heard of income tax nor paid income tax have now been forced to do so”.
Narendra Modi further added,
“Black money which was hidden to be brought to mainstream. Our effort was to get money into banks and make it a part of formal economy and we have done it successfully.”
Modi highlighted that over 3 lakh shell companies had been detected, of which around 1.75 lakh had been de-registered and the government also confiscated more than 800 crore of benami properties. From the facts given by Narendra Modi, demonetization has put a stronghold over those who evade taxes.