Fight against black money to continue: Prakash Javadekar

Union Human Resource Development Minister Prakash Javadekar said on Wednesday that the war on black money will continue and that the tangible results of demonetisation will be visible within a year.

Addressing a press conference to mark the first anniversary of demonetisation, Javadekar said the NDA government's fight against black money will continue and more decisions on the issue will be taken in coming months.

The minister said that the demonetisation move has ushered in many benefits. As many as 37,000 shell companies which used to convert black money to white money have been identified and caught. As many as 4.7 lakh dubious transactions worth Rs 3 lakh crore have been identified and more are being investigated. Over 400 properties worth Rs 1200 crore  have  been confiscated, he said.

Besides, Modi government has passed four legislation to curb black money. Digital transaction has gone up by 50% and overall tax payers have also increased by 50%.   Income tax returns witnessed a growth of 20%.   The government also plugged the Singapore-Cyprus-Mauritius route whereby black money was converted into white money through back channel agreement.