The government's move to demonetise Rs 500 and Rs 1,000 currency notes in 2016 was aimed at flushing out black money, eliminating fake currency notes, combating financing of terrorism and Left Wing Extremism, expanding the tax base by converting the non-formal economy to a formal one, generating employment, and to make India a less-cash economy.

This was stated by Union Minister of State for Finance Anurag Thakur in the Lok Sabha on Monday, in response to questions by MPs Deepak Baij and Subbarayan K.

Thakur said Moody's has not downgraded the rating of the Indian economy after 2016.
-IANS