31 January,2019 03:00 PM IST | | mid-day online desk
President Ram Nath Kovind conducts proceedings in Lok Sabha during the Budget Session at the Central Hall of Parliament, in New Delhi. Photo/PTI
President Ram Nath Kovind on Thursday said that the 2016 demonetization was "an important step" in tackling black money and corruption in the country.
Addressing a joint sitting of the Lok Sabha and Rajya Sabha at the start of the Budget Session, Kovind said: "Demonetization was an important step in the campaign by the government against black money and corruption. It led to an attack on the parallel economy and it brought unaccounted cash back to the system. It eliminated the forces that were weakening the country."
"My government has taken strong measures against black money," he said. Agreements have been signed with countries considered as tax havens. As many as 3.38 lakh shell companies have been shut, he added.
The President said the government had seized properties worth over Rs 50,000 crore under the Benami Transactions Act, Prevention of Money Laundering Act and other laws to deal with fugitive economic offenders.
ALSO READ
'Ensure local body election in Ahmednagar conducted in 'right earnest''
Karnataka results won't affect Lok Sabha, Maharashtra elections: CM Shinde
NCP to start preparations for Maharashtra elections
Manipur: Woman killed after getting caught in crossfire
West Bengal: Junior doctors' stir over RG Kar horror to continue despite SC direction
Kovind also presented a virtual report card of the Modi government's tenure and highlighted its various development works and commitment to social justice. Kovind also referred to the contentious Rafale deal, saying that the Indian Air Force will welcome the ultra-modern fighter aircraft in the coming months to strengthen its strike capability after a gap of many decades.
(with inputs from PTI)
Catch up on all the latest Crime, National, International and Hatke news here. Also, download the new mid-day Android and iOS apps to get latest updates
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
