Union Minister Nitin Gadkari said today that demonetisation and GST implementation are the biggest economic reforms in history of the independent India. The Union Minister was addressing the media on the first anniversary of demonetisation in Mumbai. The government is celebrating 'Anti Black Money' today.<br/><br/>Calling it the beginning of clean economy in India, Mr Gadkari said demonetization and GST implementation lead to tax compliance in the country. Which resulted in hike of 34.25 per cent in the number of voluntary tax payers in comparison to 2016. In comparison to previous year there were 22 lakh defaulter cases registered which has now increased to 56 lakh cases.<br/><br/>Mr Gadkari told the media that 50 lakh bank accounts have been opened for labourers so that wages could directly be transferred to these accounts. Post demonetisation more than 1 crore wage labourers were linked to EPFO and ESCI system.<br/><br/>He further said, on 8th November 2016, Mr Narendra Modi appealed the country to curb black money and corruption. As a result, 99 percent of cash returned to the banking system making to easier for the government to track down black money and identify black money hoarders. The 17.73 lakh fictitious banks accounts were identified.<br/><br/>And added that positive impact of demonetization on the economy is clearly visible. The Gross Disposable income has increased to 13.3% in 2016-17 from 9%. There has been surge in investment of mutual funds while the inflow into LIC and private insurance funds has rose to 46 percent after 2016.<br/><br/>Mr Gadkari also said that the price of immovable property in eight major cities has dipped after 8 November 2016. Earlier, the real estate was the hub for parking black money. As a result the rates of home loan, auto loan and education loan have also come down.<br/><br/>Mr Gadkari said, demonetisation has helped in reducing the inflow of hawala money into the economy. While in 2016, 8,06, 380 notes of different denominations were seized, in the year 2017, 1,28,191 notes were seized in a span of six months. <br/><br/>According to the intelligence agencies 2016, fake notes of higher denominations were no more visible. This has also helped in reduction of terrorist and naxal activities in the country. There are no reports of stone pelting in Jammu and Kashmir and extremist activities have been reduced by 20%.<br/><br/>He added, There has been 58% increase in digital transactions after demonetization. 73.62 crore accounts have been linked to 52.4 crore Adhaar numbers. <br/><br/>Mr Gadkari further said, GST has also helped the transport sector. Trucks and other long distance cargo vehicles are now also able to save both time and money after the removal toll plazas and introduction of fast tags.