Separately, Mamata Banerjee says economists agreed with her views
West Bengal Chief Minister Mamata Banerjee, who was one of the first leaders to ask BJP to roll back the 'draconian order', tweeted renowned economists and common people have agreed with her thoughts on demonetization.
"It ruined the economy and the lives of millions. People will punish those who did this," Banerjee wrote.
CPM leader Sitaram Yechury said PM Modi single-handedly destroyed the economy.
Meanwhile, Arun Jaitley claims confiscating cash was never the objective
Meanwhile, BJP explained why demonetization was important. Finance Minister Arun Jaitley wrote, on Facebook, that demonetization was criticized wrongfully as confiscating cash was never the objective.
"Getting it into the formal economy and making the holders pay tax was the broader objective," he wrote.
He highlighted transactions in UPI grew from Rs. 0.5 billion in October 2016 to Rs. 598 billion in September 2018.
Economy is formalized
Jaitley says cash transactions were curbed, economy has been formalized
Further, Jaitley said there was a subsequent increase in tax deposit. "In the year 2017-18, the tax returns filed reached 6.86 crore, an increase of 25% over the previous year," he wrote.
He went on to say demonetization and GST curbed cash transactions in a big way. Taxpayers increased to 12 million after GST, Jaitley wrote.
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