Mumbai: On the second anniversary of demonetisation, Finance Minister Arun Jaitley said the decision never aimed to confiscate currency but to get it into the formal economy and make the holders pay tax.
As the opposition targeted the Prime Minister Narendra Modi-led government on the move, Jaitley described demonetisation as “a key step in a chain of important decisions taken by the government to formalise the economy”.
In a Facebook post, the Union Finance Minister wrote, “An ill-informed criticism of the demonetisation is that almost the entire cash money got deposited in the banks.
Confiscation of currency was not an objective of demonetisation. Getting it into the formal economy and making the holders pay tax was the broader objective”.
He also said that the government first targeted the black money outside India and asset holders were asked to bring this money back on payment of penal tax.
“Those who failed to do so are being prosecuted under the Black Money Act. Details of all accounts and assets abroad which have reached the government, resulted in action against the violators,” he added.
Jaitley also said that following the note ban, it is “now becoming increasingly difficult to evade the tax system”.
“In May, 2014, when the present Government was elected the total number of the filers of income tax returns was 3.8 crore. In the first four years of this Government, it has increased to 6.86 crore. By the time the first five years of this Government are over, we will be close to doubling the assessee base,” the finance minister wrote.
Defending demonetisation, he further said, “The system required to be shaken in order to make India move from cash to digital transactions. This would obviously have an impact on higher tax revenue and a higher tax base.”
On November 8, 2016, the Centre had declared Rs 500 and Rs 1,000 notes as non-legal and introduced new Rs 500 and Rs 2,000 notes.
Since then, several opposition leaders have highly criticised PM Modi while the members of the BJP and its allies have supported the decision.
85 pc loot during Congress regime plugged:PM Modi
Varanasi: Prime Minister Narendra Modi on Tuesday described NRIs as India’s brand ambassadors and said they were the symbols of the country’s capabilities.
The Prime Minister was inaugurating the 15th Pravasi Bharatiya Diwas convention in his parliamentary constituency Varanasi. “I consider NRIs India’s brand ambassadors.
They are the symbols of our capacities and capabilities,” he told the gathering.
“People of Indian origin are in leadership roles in countries such as Mauritius, Portugal and Ireland,” he said.
PM Modi also alluded to former prime minister Rajiv Gandhi’s comment that only 15 paise of Re 1 reaches masses and said the Congress government had done nothing to stop the leakage.
The Prime Minister added that his government had stepped in to rectify the situation. The “85 per cent loot” taking place during the Congress regime had been plugged “100 per cent” through technology, he said.
“We have given about Rs 5,80,000 crore to people, transferred to their bank accounts through various schemes. Imagine, if the country was being run on the older system? Then Rs 4,50,000 crore would have vanished,” PM Modi said.
Continuing his attack on the Congress, he said efforts to stop the “leakage” could have been made earlier as well but there was no intention and will power. “Our government is moving towards ensuring that the aid given by government is directly transferred to beneficiary accounts through direct benefit schemes,” he said.
Mauritian Premier Pravind Jugnauth, who is the chief guest for the three-day event, also spoke on the occasion. He hailed the Prime Minister for India’s transformation through initiatives such as the Skill India and the Beti Bachao Beti Padhao schemes. He also praised PM Modi’s global stewardship in promoting clean energy and for setting up the International Solar Alliance.
Jugnauth announced that his country will hold a Bhagwad Gita Mahotsav next month and a Bhojpuri Festival next year.
For the first time, the three-day convention is being organised from January 21 to 23 instead of January 9 to allow participants to visit the Kumbh Mela in Allahabad and attend the Republic Day parade in the national capital.
The theme of this year’s convention is ‘Role of Indian diaspora in building new India’.
‘Madrasas promote ISIS ideology, shut them’: UP Shia board chief to PM Modi
New Delhi: Uttar Pradesh Shia Waqf Board chief Waseem Rizvi on Tuesday said that madrasas promote ISIS ideology.
Rizvi has written to Prime Minister Narendra Modi to shut Islamic seminaries across India so that Muslim children are not influenced by it.
“If madrasas across the country are not shut down soon then after 15 years half of the Muslims will start favouring the ISIS ideology. It has been observed across the world that ISIS is targeting children and asking them to follow them,” Rizvi wrote in the letter.
The UP Shia Board chief added that Muslim children should study with students of other religions in schools so that they are able to get better education.
The comments are likely to irk several Islamic clerics and scholars.
In his letter to the Prime Minister, Rizvi cited the example of Kashmir to substantiate his point
“In Kashmir, ISIS supports can be seen in huge numbers. In rural areas, Madrasas are destroying the future of our children being run on donations as their owners are hungry for money,” he stated.
Yashwant throws his hat in PM race, calls self ‘closest’ person to deliver on job creation
New Delhi: Former BJP leader Yashwant Sinha threw his hat in the race for prime ministership when he declared himself as the “closest” person who could deliver on job creation, building roads, townships and industries.
Sinha, a former finance minister during the Atal Bihari Vajpayee-led previous NDA government, also said that Transport Minister Nitin Gadkari would not succeed Prime Minister Narendra Modi as he and BJP chief Amit Shah will “not retire” even if the BJP fell below the 200-seat mark in 2019 Lok Sabha polls.
The former BJP lawmaker said the problem in the country was non-creation of crores of jobs and millions of kilometres of roads. India needs a leader who can make agriculture profitable and set up irrigation projects, townships and industries, he said.
“We have to do a lot of work in this country… We will have to find somebody who is prepared to buy this theory and start doing it,” he said.
Asked who the person could be, Sinha told a news channel, “There is nobody in my mind.”
Asked who was closest to deliver all this, he said, “The closest is me, myself, what I am,” leading to a laughter in the audience of the event hosted by the channel.
“I am very close behind him,” said CPI(M) leader Sitaram Yechury, seated next to him, when asked if he endorsed Sinha.
Various opposition parties are seeking to unite to put up a united front to defeat the Modi-led BJP in general elections, with the BJP taking a swipe at them saying all are prime ministerial aspirants in the opposition camp.
About speculation on whether Gadkari would succeed Modi, the disgruntled former BJP MP said, “There is no hope in hell for that.”
Sinha said what he is saying is “because I know the kind of vice-like grip the current prime minister and the party president have over the BJP and even after the loss in elections where they could be below 200, they will not retire from their leadership.”
“It is a very fond hope that some media people are nursing that Gadkari might succeed Modi,” he said, negating the possibility.