BJP to observe 8th November as anti-black money day

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To counter the opposition parties' "black day" on November 8, the Union Government on Wednesday said that it would observe "Anti-Black Money Day". When the NDA government came to power (May 2014), Prime Minister Narendra Modi took steps to minimise and end it.

Scoffing at finance minister Arun Jaitley's statement claiming a massive growth in GDP in the last three years, the Gandhi scion said in a tweet: "Mr Jaitley, May the Farce be with you".

The Indian government approved on Tuesday a state bank recapitalisation plan of 2.11 trillion rupees (US$32.43 billion) over the next two years, in a bid to clean banks' books and revive investment in a slowing economy.

They said Modi should order an immediate investigation "into the demonetisation scam as also the loss to economy"."The PM remains in arrogant denial of the hardship inflicted on people of country by his reckless decision", Sharma said.

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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. "Jobs are in peril, businesses are shutting down, 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 low of 63 years", Sharma said. Reacting to the government's announcements to boost infrastructure, growth and employment, Congress spokesperson Randeep Singh Surjewala had termed the measures a "shoddy attempt of a desperate finance minister to defend the decimation of economy".

Jalan, who was Governor of RBI from 1997-2003, also said that the overall shape of the economy is very strong.

He said the government had now realised the "bad condition" of the economy and has woken up to the situation by announcing a financial package.

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