New Delhi, Nov 8 (IANS): Four years on, the ruling BJP held a press conference in the capital to highlight what it claims to be 3 key benefits of demonetisation, amid Congress mounting a social media campaign against the contentious decision.

"Demonetisation has 3 impacts. One, Cleaning up of the economy - Scrutiny has helped. Two, Formalisation- It has helped us to reach the poor and needy. Three, Revenue aggregation - The government could help the poor more with a larger-sized formal economy," said BJP MP Rajeev Chandrasekhar.

He claimed that demonetisation was a "central attack" on black money, which the BJP MP and spokesperson claimed is the single biggest threat to India's democracy.

"From 2014 to 2016, the government announced schemes to address the informal sector. It also provided people to announced their undisclosed income for amnesty and then demonetisation was announced," he added.

BJP has pitched it as a anti-corruption move with a hashtag 'Demolishing Corruption'. They also released a small audio visual on the occasion to highlight why the decision has been important.

Saying that there were three broad pillars of economic activities that worked behind the demonetisation decision, Chandrasekhar cited India-centric economic strategy, betterment of lives of the poor and use of technology to clean economy.

"The economic transformations or decisions taken by Modi government in the last six years have an overall framework and thought process, one of it being demonetisation," the BJP MP said.

Earlier, Prime Minister Narendra Modi too defended the decision, saying demonetisation helped reduce black money and increase tax compliance.