Prime Minister’s Office today said demonetization has cleansed country’s financial system by giving strong impetus to the fight against black money.
In a series of tweets, the PMO highlighted the success of note ban and said while protecting country’s financial system, the move had given a huge push towards formalisation ensuring better jobs for the poor.
It said the demonetisation added more strength to digital transactions by giving digital payments a significant boost.
The decision also resulted in an unprecedented increase in tax compliance.
The PMO also referred to cheaper loans and affordable homes as an outcome of note ban.