Note ban brought back the black money into the banking system: Amit Shah

New Delhi: BJP President Amit Shah addresses the party's National Council meet in New Delhi on Saturday. PTI Photo by Shahbaz Khan (PTI8_9_2014_000057B)

black moneyBrushing aside the criticism hurled at the centre for rolling out the note ban, Bharatiya Janata Party (BJP) president Amit Shah’s said the move that wasn’t a cake walk had actually helped in bringing back the black money into the banking system and it will now be utilised for the country’s welfare.

Acknowledging the impact of demonetisation, Shah said that it has actually helped in expanding the size of the formal economy and increasing the number of taxpayers.

“Modi government does not believe in taking a decision that looks good to people, it takes decision that are good for people,” Shah said.

His remarks came in response to the series of criticism pointed towards the demonetisation drive initiated by the government, last year.

While the Reserve Bank of India has announced that 99 per cent of the notes have returned to bank account, former RBI governor Raghuram Rajan said that he was not in favour demonetisation keeping in mind the short term economic costs associated with it.

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