Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Demonetisation Helped Formalising Large Part of Economy: PM Narendra Modi

In an address at an ASEAN business forum, PM Narendra Modi also highlighted rolling out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, besides the linking of Aadhaar database with financial transactions as part of broader policy initiatives to bring transparency in the financial sector.

PTI

Updated:November 14, 2017, 12:05 AM IST
facebookTwitterskypewhatsapp
Demonetisation Helped Formalising Large Part of Economy: PM Narendra Modi
File photo of PM Narendra Modi.
Loading...

Manila: The demonetisation of high value currency notes along with a series of other reform measures have resulted in formalising a large part of the Indian economy, Prime Minister Narendra Modi said here on Monday.

In an address at an ASEAN business forum, Modi also highlighted rolling out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, besides the linking of Aadhaar database with financial transactions as part of broader policy initiatives to bring transparency in the financial sector.

"We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high value notes, has resulted in formalising a large part of our economy," Modi said.

The prime minister's comments on demonetisation assume significance as all major opposition parties have attacked the move, alleging that it had severely damaged the Indian economy.

Modi also talked about repealing of 1,200 outdated laws in the last three years and simplification of procedure for investors to do business in India.

He said the 'Act East' policy of his government puts the ASEAN region at the centre of India's engagement.

"We have exceptionally good political and people-to-people relations with each and every country in the ASEAN region. We wish to bring our economic and business relations up to the same level," he said.

Last year, on November 8, the Government of India announced the demonetisation of Rs 500 and 1,000 currency notes.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Ashish Yechury
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results