Two days after Prime Minister Narendra Modi announced the withdrawal of Rs. 500 and Rs. 1,000 currency notes from circulation, senior BJP leaders said more “shocking moves” are on the anvil to curb black money and increase the country’s “revenue basket.”
A BJP leader, high up in the echelon of decision-making, said through the demonetisation, Mr. Modi was not only looking at “flushing out” black money from the economy but also increasing the revenue. “This mop-up exercise will boost infrastructure and defence spending,” he said.
“The government is monitoring bank deposits during the currency swap and has said deposits above Rs. 2.5 lakh will come under the scrutiny of the Income Tax Department.” he said. — Special Correspondent