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Who’s saying ‘Demonetization’ was Failed ? నోట్ల రద్దు వల్ల జరిగిన లాభాలు 

The Government of India decided to cancel the Legal Tender Status of Rs.1000 and Rs.500

denomination currency notes on 8th November 2016 with several objectives:

Sources are:- Unknown (( WhatsApp Messages)(pls email us for updates and corrections,))

(i) flushing out Black Money,

(ii) eliminate Fake Indian Currency Notes (FICN),

(iii) to strike at the root of financing of terrorism and left-wing extremism,

(iv) to convert the non-formal economy into a Formal Economy to expand Tax Base and employment and

(v) to give a big boost to Digitalization of payments to make India a less cash economy.

 

Effect & Benefits of ‘Demonetisation’.

  1.  56 lac New Taxpayers Added post-Demonetisation.
  2.  Tax Base increased by 1.26 crore taxpayers.
  3.  The number of Returns filed registered an increase of 24.7% over the previous year of 9.9%
  4.  Net currency circulation reduced by Rs. ~3 trillion i.e 21%
  5.  Interest rates reduced by 100 bps.
  6.  Card (Debit & Credit) transaction increased by 65%
  7.  Deposits in Banking system increased by 3 lac crore.
  8.  16,000 crore didn’t come back to Bank.
  9.  4.73 lac suspicious transaction detected.
  10.  All Transaction above 3 lac under Scrutiny.
  11.  Jewellery demand plunged by 80%.
  12.  Digital payments have increased by 56%.
  13.  Assets under management (AUM) of Mutual funds (MFs) rose by 54%.
  14.  More than 1 crore workers added to EPF & ESIC.
  15.  Under IDS’15 a total of 3,770 crores declared.
  16.  Under IDS’16 a total of 65,250 crores declared.
  17.  52.4 crore unique Aadhaar numbers have been linked to 73.62 crore accounts in India.
  18.  21000 people declared 4,900 crores under PMGKY.
  19.  34 Big Chartered Accountants under Investigation.
  20.  460 banks officials punished for alleged irregularities: CVC
  21.  5,800 companies with ‘withdrawal syndrome’ under government scanner.
  22.  Notices to 1.16 lakh for the cash deposit of over Rs 25 lakh.
  23.  5000 Tax notices who deposited more than 1 Crore.
  24.  18 Lac Accounts scrutinised & Notices been sent under ‘OCM’.
  25.  5.56 lakh more ppl identified whose deposits do not match their income profile.
  26.  35,000 shell companies were struck off.
  27.  About 200 high-risk clusters of persons were identified for appropriate action.
  28.  2.1 lac shell companies De-registered
  29.  GoI to de-register 1.2 lac more shell companies.
  30.  3.09 lac Board of Directors disqualified.
  31.  Undisclosed income of 42,448 crores admitted u/s 132(4).
  32.  33,028 crore detected as Undisclosed Income.
  33.  Cash deposits of 2.89 lakh crore under I-T investigation.
  34.  The impressive revenue collection under GST is also partially attributable to demonetization drive.

Who’s saying ‘Demonetisation’ was Failed … Bring Him here …

The fact remains 1,65,396 crore worth of ‘Black Money’ had been captured/ admitted/came back post IDS & due to Demonetisation. Recovery by ED & Recoveries under ‘Benami’ & ‘Imposition’ Tax are additional. Total of 2,12,360 crore worth of ‘Black Money’ has been ceased in last 4 Years.

And of course ‘Currency’ came back to Banks doesn’t mean it is not Black Money. The ceased amount is also been deposited.

#Demonetisation #BlackMoney

 

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