DeMo led to increase in tax collection, crackdown on shell companies: BJP

The BJP today accused the Congress of "misleading" the country on the issue of demonetization, claiming that the exercise led to depositing of black money in banks, increase in income tax collection, a crackdown on shell companies and a boost in digital payment.

The Congress had earlier demanded an apology from Prime Minister Narendra Modi for allegedly lying to the country after the RBI said 99.3 percent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system.

Bharatiya Janata Party spokesperson Sambit Patra said black money found an address due to demonetization, carried out in November 2016, and prompted the government to bring over 18 lakh suspect bank accounts under scrutiny.

Over 2.09 lakh non-income tax filers filed their returns and there was an 18 percent increase in tax revenue, he told reporters. Over five lakh shell companies were closed down, he said.

Demonetisation led to the formalization of the economy, and India has emerged as a growth engine of the world economy, he said quoting an international agency.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)