MADURAI: Black money, white money, shell companies, tax evasion, defaulters, hoarding etc.
These were the words that dominated the discourse for decades. Came November 8th 2016 at 8 p.m. the bold decision – DEMONETISATION – by Prime Minister Mr.Narendra Modi in a televised address to the nation.
On the first anniversary of this historic decision on 8th November 2017, the National Joint Convener of Swadeshi Jagran Manch (SJM) auditor Mr.R.Sundaram, who is a well-known Chartered Accountant in Madurai, gave an interview to the ‘Lotus Times’ website of the Bharatiya Janata Party (BJP).
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“In our independent India, Modi’s Demonetisation announcement banning Rs.500 and Rs.1,000 currency notes in one stroke was the first decisive step taken to eradicate black money. Notes in circulation came down and the trend of people going to banks emerged which ultimately led to a mood change among the people of our country,” Mr.Sundaram says.
FROM BEING AN INFORMAL ECONOMY, WE HAVE MOVED TOWARDS FORMAL ECONOMY where transactions are transparent, IT returns are increasing fast etc.
HALF-BAKED MEANINGLESS CRITICISM:
The criticism of opposition parties making a hue and cry about reduced GDP growth is half-baked because the positive impact of that historic bold decision by Mr.Modi will yield positive results very soon, he explains in this interview.
Implementation of another landmark reform GST, de-stocking and the initial hiccups had impacted the growth rate of economy but it is only temporary as things are gradually falling in place, Mr.Sundaram said stating about the study done by Swadeshi Jagran Manch.
