Note ban led to 'India's highest ever unearthing of black money', says government

HIGHLIGHTS
In a full-page advertisement published
in several national dailies, the
government called demonetisation "a
historic and multi-dimensional
success"
The advertisement said the benefits
of the note ban positively impacted
everything from anti-terror efforts to
job creation
NEW DELHI: On the one-year anniversary
of demonetisation , the Narendra Modi
government said the decision to scrap
high value notes led to "India's highest
ever unearthing of black money".
"0.00011% of India's population
deposited almost 33% of total cash in
the country!", said the government.
In a full-page advertisement it had
published in several national dailies, the
BJP-led NDA government called the
demonetisation decision of November 8,
2016 "a historic and multi-dimensional
success".
125 crore Indians fought a decisive
battle and WON. #AntiBlackMoneyDay
https://t.co/3NPqEBhqGq
— Narendra Modi
(@narendramodi) 1510105959000
The advertisement said the note ban
positively impacted everything from anti-
terror efforts to job creation.
Scrapping of high-value notes, the
government said, dealt a "decisive blow
to terrorism and naxalism". Stone-pelting
incidents in Kashmir reduced 75 per
cent and incidents of left-wing
extremism fell more than 20 per cent, it
said.
Demonetisation also led to a "massive
cleansing" of India's financial system ,
the Centre said in the advertisement.
Also Read: Success of demonetisation
depends on how I-T department deals
with inflow of data
"In a surgical strike on shell companies,
2.24 lakhs companies (were) struck
off...58,000 bank accounts belonging to
35,000 companies (were) caught
transacting Rs 17,000 crore after
demonetisation," said the government.
PM Modi , meanwhile, tweeted, saying, "I
bow to the people".