Jan Man Dhan: 'Cash equals black money & vice versa is PM's biggest illusion,' says Singhvi

Jan Man Dhan: 'Cash equals black money & vice versa is PM's biggest illusion,' says Singhvi

By: || Updated: 06 Nov 2017 02:07 PM
New Delhi: Cash equals black money and vice versa was Prime Minister Narendra Modi 's biggest illusion, said Congress' Abhishek Singhvi on Monday during Jan Man Dhan conclave of ABP News.

One year of notes ban will going to be complete on 8th November and just before its completion, ABP News held an event Jan Man Dhan on how the country benefited from the demonetisation.

Countering Congress, BJP's Sambit Patra said, "Money deposited in banks being investigated."

Supporting demonetisation Patra added, "Number of POS machines have increased to 30 lakh from 15 lakh in one year" and added, "Stone pelting (after notes ban) is down by one-fourth."

About Demonetisation:

On '8 November 2016', the Government of India under PM Narendra Modi announced the demonetisation, commonly called notebandi, of all ₹500 and ₹1,000  banknotes of the Mahatma Gandhi Series.

The Modi government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.

However, sudden nature of the announcement—and the prolonged cash shortages in the weeks that followed—created significant disruption throughout the Indian economy, threatening economic output.

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