On the anniversary of the historic demonetization, November 8 was celebrated as anti-Black Money day in India. On that day in 2016, the BJP-government at the Center led by Prime Minister Narendra Modi went ahead with a very risky but necessary step for the sake of the country’s economy. He banned currency notes of Rs.500 and Rs.1000 denominations which were in circulation at the time, and propelled the country towards a digital economy.
PM Modi announcing the demonetization in a surprise move on November 8, 2016.
LJP supporters celebrate demonetization in Patna. PTI
As the nation celebrated the occasion on November 8, there were some people who had their doubts about the success of demonetization. Many of them had genuine questions.
In just about 7 minutes, Saxena addressed a number of things starting with the immediate benefits such as these:
Stone pelters in Kashmir DNAIndia
Maoists, also known as Naxals, in Chhattisgarh – a hotbed of Red terror. AP
Yet he also gave reasons why we cannot say that demonetization has “passed”. “There is more to come,” he says highlighting the probes still on.
Addressing those who claim that demonetization has failed, Saxena asked how it can be called a failure when 99% of the black money has returned to banks. “Only Rs.16,000 crore hasn’t returned,” he said.
“As of now only bank officials have been punished. One BJP youth leader and Congress leader have been arrested for running fake currency rackets,” Saxena said.
You can watch the entire video here: