‘Demonetisation, a surgical strike on corruption’

Source: The Hitavada      Date: 09 Nov 2017 11:16:22


Staff Reporter,

The historic step of BJP-led NDA Government has been acknowledged by citizens by ensuring landslide victory of BJP in several elections post demonetisation

“DEMONETISATION proved a milestone in a fight against black money, corruption and terrorism. The historic step of Bharatiya Janata Party-led NDA Government has been acknowledged by citizens by ensuring landslide victory of BJP in several elections after demonetisation. Foreign countries applauded the daring stance of BJP Government against black money and corruption and termed the country as fastest growing economy in the world.

Congress party has lost its ground and its senior leaders have no other option but to contradict initiatives of NDA Government,” said Chief Whip of BJP in Lok Sabha and Member of Parliament Rakesh Singh. MP Rakesh Singh was addressing a press conference on first anniversary of demonetisation on Wednesday. He added that the regime of Congress-led UPA Government is remembered only for corruption and biggest scams in the country. Demonetisation is one of the daring initiatives of Prime Minister Narendra Modi to eradicate corruption and act against black money.

More than 99 per cent cash has been brought under banking system post demonetisation while funding for anti-social and anti-national activities has stopped completely. MP Singh further informed that after demonetisation advance data analysis has identified around 17.73 lakh suspicious banking transactions, while suspicious cash of Rs 3.68 lakh crore was deposited in around 23.22 lakh bank accounts. Besides this, banks and other financial institutions gave information of around 4.7 lakh transactions, while around Rs 16,000 crore could not be deposited in banks even after demonetisation. In further investigations, undeclared income of Rs 29,213 crore was identified.

The most shocking fact was around 1.48 people deposited cash of Rs 5 lakh crore in banks that is one-third of total deposited amount at the rate of Rs 3.32 crore per person that is only 0.00011 per cent of the population and 33 per cent of available cash. Demonetisation curtailed financial resources of terrorists and Naxal groups and has put a significant check on terrorist activities in the country. Numbers of stone-pelting incidents in Kashmir were 2,683 during November 2015 to October 2016 that reduced to 639 incidents during November 2016 to July 2017.
More than 7.62 lakh fake currency notes were seized in 2016-17 with 20 per cent increase than previous year.

NDA Government played a key role in identification and closure of shell companies and Hawala racket and busted a major market of corrupt practices. Demonetisation proved a surgical strike on corruption which closed down 2.24 lakh shell companies. Majority of the companies had similar address and each company had hundreds of bank accounts which were used for conversion of black money during demonetisation. One of the companies had 2,134 bank accounts.

According to information provided by banks, around 35,000 companies had deposited and withdrawn cash of Rs 17,000 crore in around 58,000 accounts. A company which had bank balance of Rs 63.60 lakh in different accounts, on November 8, 2016, deposited cash of Rs 18.23 crore and withdrawn Rs 18.68 crore in the same account, while companies which had bank balance of Rs 2,642 crore on
November 8, 2016, had deposited Rs 10,200 crore after demonetisation.

The Government has seized undeclared properties worth Rs 1,626 crore after demonetisation. MP Rakesh Singh claimed that common public has been benefited after demonetisation and national economy has been strengthened to provide new employment opportunities and checking inflation. During the press conference, Mayor Dr Swati Godbole, Minister of State Sharad Jain, BJP city president G S Thakur, nominated MLA L B Lobo, S K Muddin and others were present.