Wednesday 27 January 2021
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Demonetisation helped formalising large part of economy: Modi

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Politics India Demonetisation helped formalising large part of economy: Modi

Manila: The demonetisation of high value currency notes along with a series of other reform measures have resulted in formalising a large part of the Indian economy, Prime Minister Narendra Modi said here today.

In an address at an ASEAN business forum, Modi also highlighting rolling out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, besides the linking of Aadhaar database with financial transactions as part of broader policy initiatives to bring transparency in the financial sector.

“We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high value notes has resulted in formalising a large part of our economy,” Modi said.

Modi also talked about repealing of 1200 outdated laws in the last three years and simplification of procedure for investors to do business in India.

He said the Act East policy of his government puts the ASEAN region at the centre of India’s engagement.

“We have exceptionally good political and people-to- people relations with each and every country in the ASEAN region. We wish to bring our economic and business relations up to the same level,” he said.

Last year, on November 8, the Government of India announced the demonetisation of all Rs 500 and 1,000 currency notes.

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  1. […] On 8 November 2016, the prime minister had demonetised Rs 500 and Rs 1,000 currency notes — ostensibly to check the burgeoning black money in the economy. Following the measure that had long been advocated by some groups, the government conducted surveys that “led to the unearthing of undisclosed income worth several crores. The government said Operation Clean Money had helped formalise the economy. […]

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