Demonetisation led to crackdown on shell firms: PM

Demonetisation led to crackdown on shell firms: PM
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New Delhi, Nov 12: Prime Minister Narendra Modi on Monday hit back at the critics of demonetisation, saying that the move led to crackdown on several shell firms.
Last week, on the second anniversary of demonetisation, the Congress, along with several other opposition parties, had launched a scathing attack on the Narendra Modi-led government for introducing the scheme.
Today, while addressing an election rally in poll bound Chhattisgarh’s Bilaspur, the PM said — “I am shocked that a few Congress leaders, who are out on bail question us what have we done for welfare of people! They question steps like demonetisation, which led to crackdown on several shell firms.”
The Congress staged a protest in front of the Reserve Bank of India office in the capital on the occasion of the second anniversary of demonetisation, denouncing the great note-change exercise as “ill-fated” and “destructive” to the economy and the people of the country.
Senior Congress leader Randeep Singh Surjewala had dubbed demonetisation as the “biggest scam of independent India” and claimed it had pushed the country towards economic disaster.
“The PM and BJP had claimed demonetisation was taken to eradicate black money and fake currency. None of the objectives of demonetisation, like eradication of black money and fake currency in circulation or breaking the backbone of Naxalism and terror activities, have been achieved,” he told a news conference in Bhopal,
On Thursday, finance minister Arun Jaitley had staunchly defended the demonetisation drive, saying ‘prophets of doom’ have been proven wrong as hard data of two years showed an increase in tax base, greater formalisation of the economy and India retaining the fastest growing economy tag for the fifth year in a row.