Demonetisation debate reaches fever pitch as BJP fires economy salvo against Rahul Gandhi accusing him of 'hallucinating on crony capitalism'. Read here

BJP has taken on Rahul Gandhi's high-decibel demonetisation attack issued at a news briefing on Thursday, calling Congress president's PM Modi-crony capitalists ory a 'hallucination'.

Taking to Twitter, BJP has touted achievements of Modi government, claiming following:

• That five crore Indians were lifted from poverty
• That housing was ensured for five crore people
• That toilets were provided for 8 crore citizens
• Gas connections were given to 5 crore women
• Bank accounts were opened for 30 crore poor people

It has gone on to allege that "Congress and Rahul Gandhi's pain on demonetisation is understandable" and accused him of igring multiple benefits of demonetisation as highlighted by Finance Minister Arun Jaitley in his blog post.

Furr, BJP has counter-levelled a crony-capitalism charge at former UPA government, accusing it of engaging in 'phone banking' to ensure friends of Rahul Gandhi got big loans that have resulted in NPAs. It has contrasted this with Modi government, under which, BJP says, 13 crore Indians have got Mudra loans. It concludes: UPA punished small and medium business while NDA helped sector grow leaps and bounds

A massive debate over efficacy of demonetisation h broken out following revelation in RBI's annual report that of total value of w invalidated Rs 500 and Rs 1000 tes that were in circulation on day of demonetisation, i.e. vember 8, 2016,  99.3% me its way back to RBI. This prompted many parties to claim that move h failed in clamping down on black money, as it was intended, to which Finance Minister hit back saying that larger purpose of move was to make India a more tax compliant society.

RE | RBI On Demonetisation: Of Total Value Of Demonetised tes On vember 8, 2016, Currency Equivalent To 99.3% Has Been Returned

Jaitley provided following benefits of demonetisation:

• Deposits have caused anymity about owner of cash to disappear. Where amount deposited is disproportionate to income, inquiry may be conducted. He said that 1.8 million depositors have been identified.
• number of income tax returns filed has increased from 3.8 crore in March 2014 to 6.86 crore in 2017-18.
• Significant rises in new returns filed in two years following demonetisation - 85.5 lakh and 1.07 crore respectively
• Income tax collections have increased from Rs 6.38 lakh crore in 2013-14 to Rs 10.02 lakh crore in 2017-18, and re has been a doubling of rate of growth of tax collections since demonetisation.

Jaitley concluded:

This is positive impact of Demonetisation. More formalisation of Ecomy, More Money in System, Higher Tax Revenue, Higher Expenditure, Higher Growth after first two quarters.

RE | Finance Minister Arun Jaitley Denies That Demonetisation Was Unsuccessful; States Larger Purpose Even As Rahul Gandhi Attacks

Just a short while after Jaitley's defence of demonetisation, however, Rahul Gandhi h held a news briefing where he h me a number of crony capitalism charges, claiming that real reason behind demonetisation was to take money from people of India and to give it to Prime Minister's 15-20 crony capitalist friends. Aside from opting a cavalier attitude and brushing off defamation suits that have been filed against Congress leers for ir repeated allegations of scam in Rafale deal against Anil Ambani's Reliance group companies, Rahul Gandhi also introduced a new member into 'crony capitalists', stating without providing any proof that American E-commerce giant Amazon was also one of intended beneficiaries of demonetisation at expense of India's SMEs.

WATCH | Rahul Gandhi's Newest Conspiracy ory: 'PM Modi Conspired With Top Industrialists Including Amazon For Demonetisation'

face-off over Rafale and demonetisation, as well as Rahul Gandhi's recent remarks me during his Europe trip have resulted in a heightening of ferocity of political attacks exchanged by BJP and Congress. While Congress president has been tweeting exchanges with Finance Minister, BJP party president Amit Shah has accused Rahul Gandhi of lying.

BJP spokesperson Dr Sambit Patra, who dressed a news briefing following Rahul Gandhi's demonetisation attack, fired back by spelling out what he called "A-Z of Congress party corruption":

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