Post demonetisation black money became part of formal system: PM

New Delhi: Prime Minister Narendra Modi on Thursday said that  post demonetisation, black money, which was part of a parallel economy, has now become part of the formal system.

Inaugurating the Hindustan Times Leadership Summit, Modi said data mining after the note ban is also helping government track down those involved in corruption.

Appreciating the role of Aadhaar in delivering services to the people and also checking pilferages, he said the system would also work as a tool to track down benami properties.

Modi added that is ready to pay the political price for the steps taken by him for a better India and asserted he would not be deterred.

Addressing the gathering, the PM said that his government is committed to developing a development-centric eco system which is free of corruption and is citizen centric.

Emphasising that the citizens of India in 2014 not just voted to change the government, Modi said that people wanted and therefore voted for "change in system that will be permanent, stable and irreversible".

"Every where in the country, someone had to fight with the system day and night. I am trying and have committed that there will be irreversible change -- ease of living will improve," said Modi.

With Agency Inputs