Bhubaneswar, 09 November (H.S.): Describing demonetisation as a major step towards curbing terror financing, Maoist violence and counterfeit currency, Odisha BJP spokesperson Satyabrata Panda on Monday said the 2016 decision had contributed to strengthening India's economy and formalising financial transactions.

Addressing a press conference at the BJP state headquarters on the 10th anniversary of demonetisation, Panda said the decision taken by Prime Minister Narendra Modi had disrupted hawala transactions, weakened the cash-based funding networks of extremist groups and rendered high-quality counterfeit Rs 500 and Rs 1,000 notes printed in Pakistan worthless.

He claimed that demonetisation had contributed to weakening Maoist networks by disrupting their financial resources. Around Rs 97.75 lakh was reportedly seized from various Maoist groups following the move, while large quantities of demonetised currency buried by Maoists in Odisha also came to light.

Panda said Maoist violence had declined significantly over the years, attributing the improvement to a combination of demonetisation, security operations, intelligence coordination, infrastructure development and rehabilitation measures.

Citing official figures, he said terror-related incidents in Jammu and Kashmir declined from 228 in 2018 to 12 in 2025. He also pointed out that counterfeit currency detected in the banking system fell from 7,62,072 notes in 2016-17 to 2,29,746 in 2025-26, a decline of nearly 70 per cent.

Highlighting the economic impact, Panda said demonetisation helped improve tax compliance, expand banking access and accelerate the shift towards digital payments. He noted that around five crore new Jan Dhan accounts were opened between demonetisation and October 2017, bringing more people into the formal banking system.

He also cited the growth of UPI transactions, which reached approximately 24,162 crore transactions worth Rs 314 lakh crore in 2025-26, while acknowledging the role of wider internet access, banking expansion and government initiatives in driving digital payments.

Panda recalled that former Odisha Chief Minister Naveen Patnaik had supported demonetisation when it was announced in 2016. He urged Patnaik to reiterate his support for the decision instead of allowing political considerations to influence his position.

BJP spokesperson Rajendra Panda was also present at the press conference.

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Hindusthan Samachar / Monalisa Panda