Defence of Demonetisation Conveniently Ignores

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 Defence of Demonetisation Conveniently Ignores

The Wire breaks down the finance minister’s statement and examines the changes in goalposts, the obfuscations and what the 2016 note-ban actually achieved.

Finance minister Arun Jaitley on Thursday mounted a defence of the Narendra Modi government’s decision to ban Rs 500 and Rs 1,000 notes two years ago, quoting bullish digital transactions and tax-related data.

A closer look at Jaitley’s arguments shows that the truth is more nuanced and, in some cases, quite ambiguous due to a lack of data.

The Wire breaks it down and examines the changes in goalposts, the obfuscations and what the 2016 note-ban actually achieved.

The finance minister starts his blogpost by explaining that demonetisation was merely one step in a “chain of important decisions taken by the government to formalise the economy”.

The first thing to note is that Jaitley cites no numbers or data: how many asset holders were asked to bring back black money from abroad through the payment of a penal tax? How many people who failed to do so were prosecuted under the Black Money Act? Every now and then, a media report comes out on the subject but offers no evidence. Put simply, we don’t know and Jaitley offers nothing new on this front.

(Except for the headline, this story has not been edited by Daily Report and is published from The WIRE)

 

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