Demonetisation was a “very tough” decision; it increased the “formal economy”: Amit Shah

"Those people who are asking about the benefits of demonetisation, I would like to tell them that since independence, we were able to add only 3.7 crore in our tax payer base...In last three years, we have increased the number of taxpayers from 3.7 crore to 6.3 crore," Amit Shah said

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BJP National President Amit Shah addressing at an interactive session with FICCI in New Delhi on Saturday. PTI Photo

BJP President Amit Shah on Saturday said that demonetisation is an example of a “very tough” decision taken by the Modi government and it has lead to an increase in the “formal economy” of the country . “We have not attached policy decisions with our vote-bank. It is possible that we may face – or may have faced — some political losses for this reason. Nevertheless, by being very tough, and by understanding what is necessary to boost the economy, we have taken decisions in that direction. Demonetisation is its biggest example. We can debate a lot over this issue. Reserve Bank’s figures have come, and I will tell you its benefits if we sit in a small forum, but I firmly believe that demonetisation has led to an increase in the formal economy,” Amit Shah said while addressing industrialists at a session of Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.

(Humne nitigat nirnayon ko votebank ke saath nahi joda hai. Ho sakta hai is se humara rajneetik nuksaan kabhi kabhar hota hai, ya hua bhi hoga. Parantu humne badi kathorta ke saath, desh ke arthtantra ko aage badane ke liye kya zaroori hai, is disha me humne faisle lene ka kaam kiya hai. Vimudrikaran, or demonetisation, iska sabse bada udaharan hai. Bahut saari bahas ispar ho sakti hai. Reserve Bank ke aankde aane ke baad, koi chote forum me baithenge to mai bataunga ki is ke fayde kya hue, parantu mai itna nischit maanta hu ki demonetisation ke kaaran formal economy badi hai).

On the evening of November 8, Prime Minister Narendra Modi had announced that two categories of notes — Rs 500 and Rs 1,000 — would cease to be legal tender from the midnight of November 8. The government had allowed people time till December 31 to exchange and deposit the old Rs 500 and Rs 1,000 bank notes.

On Saturday, Shah stated: “We have taken some decisions for which we have faced severe criticism. But let me make one thing clear that BJP’s Narendra Modi government does not believe in taking decisions that just appear good to people, but it believes in taking decisions that are actually good for people. (Kuch kadam humne aise liye hain, jiske liye hume kadi alochana bhi sahan karni padi hai…par mai ek baat spasht kar deta hun ki BJP ki Narendra Modi sarkar logon ko acchein lagein aise faisle lene me nahi maanti hai, logon ke liye acche faisle ho aise faisle liye jate hain.)

He added: “Those people who are asking about the benefits of demonetisation, I would like to tell them that since independence, we were able to add only 3.7 crore in our tax payer base…In last three years, we have increased the number of taxpayers from 3.7 crore to 6.3 crore. This shows that our economy is growing, and our transparency is also growing, but for this, some of the difficulties have to be faced right now.

(Demonetisation ke jo fayde puchte hain unko mai batana chahta hun ki number of taxpayers mein pehle 3.7 crore aazadi se ab tak ka tha…. 3.7 crore taxpayer aazaadi se 65 saal tak the, humne teen salon me 3.7 crore ko 6.3 crore tak pahunchaane ka kaam kiya hai. Yahi batata hai ki hamari economy badh rahi hai, aur paardarshitaa bhi badh rahi hai, magar is karan kuch tatkaaleen jo cheezein sahan karni padengi wo sahan karni padengi.)”