Demonetisation anniversary: Is Government SUCCESSFUL in eradicating BLACK MONEY?

Exactly one year back on this day, PM Narendra Modi took a drastic step which changed the dynamics of India's politics. Yes! it's the one year anniversary of Demonetisation.

Demonetisation anniversary Demonetisation anniversary: Is Government SUCCESSFUL in eradicating BLACK MONEY? Source : Press

No person in the world at least in India will forget the date 8 November 2016 as it led to a revolution in the history of India's politics. Prime Minister Narendra Modi announced the ban of Rupees 500 and Rupees 1000 notes with a sole motive to eradicate black money and corruption from the city. This drastic move was followed by the announcement of moving towards a cashless economy which was one of the objectives of demonetisation. 

"0.00011% of India's population deposited almost 33% of total cash in the country!" said the Government. It was estimated that 4 to 5 crores of cash would not come back but many reports published later suggested that around 99 percent of cash was deposited in banks. A leading daily quoted "The RBI's Annual Report 2016-17 published on August 30, showed that out of Rs 15.44 lakh crore worth of banned notes, Rs 15.28 lakh were deposited in banks."

Narendra Modi took to his Twitter to thank the people of the nation for their support. His tweet reads "I bow to the people of India for steadfastly supporting the several measures taken by the Government to eradicate corruption and black money. #AntiBlackMoneyDay." He also shared a video which is a short film showing the benefits of demonetisation. 

On the other hand, Rahul Gandhi tweeted, "Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM's thoughtless act." In many places, this day has been observed black day and protests in the form of processions, rallies, and candle-light marches are being planned in different parts of India.

So here raises the question is Government successful in eradicating black money and corruption from the nation? Or is it the other way? Well, it will definitely take some more time to clarify the results and answer these questions.