BJP calls demonetisation 'big success', rubbishes oppositions' criticism

Dismissing the opposition's attack on the government, Piyush Goyal claimed that those criticising the measure do not understand economics.

New Delhi, Aug 31: Rejecting the opposition's criticism of demonetisation, the BJP on Thursday said it has been the "biggest success" as it has proved to be a major step towards establishing a "clean and honest" economic order.

Union minister Piyush Goyal said black money was deposited in banks following demonetisation of high-value currency notes and authorities will probe and tax it, giving a boost to revenue collection.

"Demonetisation has been the biggest success. It has made all the money deposits in banks traceable and the economy clean. It also enhanced liquidity with banks, resulting in lower taxes and more money for welfare measures," he said.

Dismissing the opposition's attack on the government, Goyal claimed that those criticising the measure do not understand economics. Demonetisation instilled a sense of "fear" among tax evaders and increased compliance among people, leading to the "success" of the Goods and Services Tax.

"It has been a big step towards creating a clean and honest economic order," he said, adding that it has led to a huge increase in digital transactions. It has also led to creation of massive data for the government, he said.

Union Finance Minister Arun Jaitley had on Wednesday said that the objective of demonetisation was to integrate the formal and informal economies in the country.

PTI