Narendra Modi on I-Day: Rs 1.75 lakh cr under scrutiny post note ban

Indian Prime Minister Narendra Modi gestures during his address during the countrys 71st Independence Day celebrations which marks the 70th anniversary of the end of British colonial rule at the historic Red Fort in New Delhi on August 15 2017 India can defend itself from anyone who seeks to act against our country Prime Minister Narendra Modi said in an Independence Day speech August 15 amid a tense standoff with Beijing over a Himalayan plateau PicAFPVowing to continue the crackdown on black money Prime Minister Narendra Modi today said that over Rs 175 lakh crore deposited in banks post noteban and more than 18 lakh people with disproportionate income are under government scrutinyAddressing the nation from the ramparts of the Red Fort on the 71st Independence Day he said Those who have looted the nation and looted the poor are not able to sleep peacefully todayDemonetisation of old Rs 500 and Rs 1000 notes last November he said helped bring over Rs 3 lakh crore of hereto unaccounted wealth into the banking systemThis is not government research this is outside experts he addedModi said that out of the money deposited in banks post note ban over Rs 175 lakh crore is under scrutiny More than Rs 2 lakh crore black money has reached banks and now people depositing such money are being made to answer questions on their originThe move he said has checked generation of new black moneyThe result of this has been that this year the new tax payers filing returns has more than doubled to 56 lakh Last year this was 22 lakh This is the result of fight against black money he saidPrime Minister who rode to power in 2014 on promise to eliminate black money said the crackdown on illgotten wealth will continueMore than 18 lakh people have been identified whose income is more than their declared wealth he said And they have to answer questions on how they accumulated such wealthOf the 18 lakh 45 lakh people have come out in open and are seeking to amend their mistakes he said adding that one lakh had not paid income tax ever in pastRecalling the steps taken by his government to unearth unaccounted and untaxed wealth he said black money of over Rs 125 lakh crore has been detected in last three years which people were compelled to surrenderDemonetisation he said was a step in that direction which achieved great successThe move forced the black money which was hidden to be brought to mainstream Our effort was to get money into banks and make it a part of formal economy and we have done it successfully he saidModi said in a nation where closure of a couple of companies would lead to debates on destruction of economy more than 175 lakh shell companies have been shutBlack money holders hid their wealth behind the veils of shell companies he said After data mining post demonetisation we have found 3 lakh such companies which are only shell companiesShell companies are nontrading firms used as a vehicle for various financial manoeuvres to avoid paying taxesYou will be surprised to know that there are 400 shell companies operating from same address There was no enquiry and all of it was going on in connivance between tax evaders and officials And for this I embarked on a fight against black money and corruption he saidNote ban he said got money into banks which are now lowering interest ratesCommon man is getting money Bank are lending to poor at lower interest rates This is all working to boost the countrys economy he saidModi stressed on digital payments to move towards less cash economy saying there has been 34 per cent increase in digital payments in last one yearIn nearly an hour long speech Modi said the implementation of Goods and Services Tax GST that subsumed over a dozen central and state levies to weave India into one market has been smoothGST has shown the spirit of cooperative federalism The nation has come together to support GST and the role of technology has also helped he saidRemoval of check posts after implementation of GST has cut time for transporting goods by 30 per cent he saidThe Prime Minister said for his government good governance is about speed and simplification of processesOur fight against corruption and black money will continue We are working to bring transparency using technology he said We are fighting corruption for thebright future of India and the wellbeing of our peoplePeople responsible for loot of national wealth will have to give answers he said Our fight against corruption and black money will continueModi said changing demand and technology is altering the nature of job and his government wants to nurture youngsters to be job creators and not job seekersWe are taking the nation on a new track of development and are moving ahead with speed he said adding that the government was devoting significant attention to eastern states of Bihar Assam West Bengal Odisha and NortheastThese parts have to grow further he saidModi said he wants to create an India where poor have a concrete house electricity and water An India where farmer does not have any worry and sleeps peacefully An India where farmer gets double of what he sows