BJP to observe first anniversary of DeMo as 'anti-black money day'

BJP to observe first anniversary of DeMo as 'anti-black money day'

The special investigation team (SIT), to go into black money, which was directed by the Supreme Court in 2011 and was not acted upon by the previous UPA government, was formed by the NDA, the Finance Minister said.

A day after announcing major capital infusion for public sector banks, federal Finance Minister Arun Jaitley said this will substantially improve the situation.

Hitting at the Opposition, Jaitley said, "Congress had adequate opportunity to be in power, and I can't recollect a single significant step that they ever took against black money".

"It would be apt if they observed it as anti-people BJP policies day", he told reporters. He accused Jaitley of making a "desperate" attempt to save the BJP as the "ground is slipping from beneath" its feet.

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He also quoted a recent International Monetary Fund report that projected India will achieve an eight per cent growth rate soon.

Jaitley listed out steps, including constitution of an SIT, benami law and reworking of Indias double taxation avoidance agreement with some countries besides demonetisation to argue that the government has been working to curb black money. He claimed jobs are in peril, exports are falling, GDP is on a downward spiral, NPA's have touched a whopping Rs 9 lakh crore and credit growth is at a 63-year "The BJP is so drunk with power that it wants to celebrate the "Demon of Demonetisation'", the joint statement said". He said the government had already taken steps in that direction by amending the SARFAESI Act, introducing the Insolvency Code and merging SBI subsidiaries.

Jalan, who was Governor of RBI from 1997-2003, also said that the overall shape of the economy is very strong. Commenting on fiscal deficit, Garg said the government is committed to sticking to the target of 3.2 percent of GDP for the current fiscal but added that a review would be done in December.

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