The Prime Minister's Office on Tuesday stated that the decision to withdraw the Rs 500 and Rs 1,000 currency notes from circulation had cleansed India’s financial system by giving 'strong impetus' to the fight against black money. Reflecting on the success of the demonetisation drive, PMO India tweeted that the surprise announcement made by Prime Minister Narendra Modi on November 8, 2016 had resulted in the 'highest ever unearthing of black money'.
While 'protecting our financial system', the move had given a 'huge push towards formalisation ensuring better jobs for the poor,' it claimed in the micro blogging website, twitter.
Demonetisation had added 'more strength to digital transactions' by giving digital payments 'a significant boost'.
According to the PMO, among major gains accruing from the unprecedented step was 'unprecedented increase in tax compliance.
It referred to 'cheaper loans and affordable homes' as an outcome of the surprise announcement.