Arun Jaitley declares Nov 8 as anti black money day

The big news BJP to observe ‘Anti-Black Money Day’ on note ban anniversary and 9 other top stories

A man counts demonetised notes of Rs 500 and Rs 1000. | Reuters

This is because of the belief in the Narendra Modi led government, which said that the move will unearth treasuries of black money which remained unexcavated during the UPA regime.

The Union Finance Minister also said that the Congress and other Opposition parties have not understood the main object of the demonetisation. Those who have never fought black money in their life were too happy with the laundering of the cash in the system, but consider the entry of cash into the formal economy after tax payment as laundering.

"Given this blatant protection of those facing allegations of corruption, it is not surprising that the BJP government has not taken any step to constitute the Lokpal as per the law, even three-and-a-half-years after it came to power", the editorial said.

In a move aimed at countering possible political backlash triggered by a united Opposition's plan to observe the first anniversary of Prime Minister Narendra Modi's demonetisation decision as a "black day", the BJP will commemorate the event in its own way by celebrating it as "Anti-black money day". Jaitley said 18 lakh people who deposited money disproportionate to their income will have to pay tax now.

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The Congress accused Jaitley of giving people an untrue picture on the state of the country's economy and alleged that the Government lacked a plan to put the economy back on track.

"Confiscation of money was never the objective of demonetisation".

The BJP leadership has at different times given unrelated rationale for the move, with Modi initially claiming that it would end black money and curb terrorism while on other occasions BJP leaders, including Jaitley, have claimed that the move was triggered by the objective of reducing cash flow in the economy and switching to digital currency and transactions.

"The results against black money can not be achieved by baby steps", he said adding this is why the economy is undergoing a transition process for the time being. Prime Minister Modi had announced withdrawal of old Rs 1,000 and Rs 500 currencies from circulation on November 8, 2016.

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"There was a parallel black money economy in the country".

"All BJP ministers, leaders and workers will participate in the celebration".

The announcement came a day after the Congress said it will observe November 8 as Black Day and hold protests across the country.

Talking about the "anti-black money day" Raja said, "If BJP resorts to such dirty tricks then people will not appreciate it and they will stand thoroughly exposed".

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On November 8, the party will organise programmes highlighting all the steps the government has taken against black money.

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