Demonitization Was A Master Stroke By A Honest PM

Demonetization process was a huge elephant and we all look at one side, one small aspect of it which suits our negative belief to look down the Govt.

The fact is, it was the most comprehensive action taken ever by any PM in India to detect, curb black money in India. Almost 9 lacs accounts with 6 lacs crores of black money was deposited illegally by ingenious, Jugadu Indians which are currently under a scrutiny by IT/ED.
Now, we all agree that over 50% of commerce in India was in cash and we Indian always cut corners and say in market that "we don't want bill, save us taxes". All property deals generate huge black economy. Corruption at all places generates huge cash.

So, if you all please think carefully, Demonetization followed by GST Bill were two very important measures back-to-back to hit black economy very hard.

Now, if 50% plus trade and deals which were happening in cash goes off the market, impact on markets and GDP is inevitable. This is quite expected also. All those who are badly affected .. Politicians, Bureaucrats, businessmen - these RUDALISs are the one who are crying foul.

Making of New India is under-process and we all have to support the enormous job taken by NaMo government.

SUPER SUCCESS OF DEMONETISATION

* Scrutiny of suspected 18 lakh accounts done
* Cash deposits worth Rs 2.89 lakh crore under investigation
* Advance data analytics tools identified 5.56 lakhs new suspect cases 
* 4,73,003 suspicious transactions detected
* Undisclosed income worth Rs. 29,213 crore detected and admitted.
* Black money worth Rs 16,000 crore did not return post demonetisation 
* 21 per cent reduction in currency in circulation
* 56 lakh new tax payers added
* Number of returns filed increase 24.7 per cent compared to 9.9 per cent in previous year
* Advance tax collections of personal income tax grow at 41.79 per cent over same period of last year 
* Personal income tax under self-assessment tax grow at 34.25 per cent over same period last year.
* Transactions of more than three lakh suspected shell companies under the radar 
* 2.1 lakh shell companies de-registered
* Around 450 companies delisted and 800 untraceable companies to be further delisted 
* More than 400 benami transactions identified and properties worth more than Rs 800 crore attached 
* Deposits in the banking system increased around Rs 3 lakh crore
* Additional liquidity helped reduce interest rates by 100 basis points
* Digital payments increase by 56 per cent from 71.27 crore transactions in October 2016 to 111.45 crore transaction in May,2017

 


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