18
Sunday
November 2018
1:55 PM IST
News Headlines
India in Australia: Kohli promises to not start arguments, only finish them        At Least Two Killed, Eight Injured In Blast In Karachi        Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report        'Gaja' crosses coast, rainfall pounds TN, 22 dead        Sabarimala board to move SC, buy time to implement order        Sabarimala board to move SC, buy time to implement order        Sindhu crashes out; Srikanth, Sameer enter quarterfinals of Hong Kong Open        No more chopping and changing till World Cup: Ravi Shastri        Air India eyes Rs 800 cr from sale of over 70 properties        Intel India opens design house costing Rs 1,100 cr at B'luru        US, China see rival visions for entwined Asia-Pacific region        Imran Khan to visit Malaysia next week; likely to seek monetary aid        EC removes Mizoram chief electoral officer after protests        Lankesh murder accused sent to SIT custody in Pansare case        Agri sector needs long-term solutions, loan waiver temporary: Naidu        Top India, China officials hold defence, security dialogue, agree to step up military exchanges        Jailed Om Prakash Chautala Expels Older Son For "Anti-Party Activities"        ISRO Launches Communication Satellite, Has 'Geo-Eye' To Monitor India        US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya        Sri Lankan Parliament passes no-trust vote against Rajapaksa        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
DeMo led to more tax collection, higher growth: Jaitley
 
New Delhi, Aug 30 (PTI) Finance Minister Arun Jaitley today said the demonetisation of Rs 500/1,000 notes led to formalisation of economy, more tax collection and higher growth.

His statement comes a day after RBI data revealed that almost all the scrapped notes were returned to banks.

He said the Reserve Bank has twice released its reports stating that the demonetised notes Rs 500 and Rs 1,000 have been substantially deposited in the banks.

"A widely stated comment has been that just because most of the currency came back into the banks, the object of demonetisation has not succeeded.

"Was the invalidation of the non-deposited currency the only object of demonetisation? Certainly not," Jaitley said in a blog.

The larger purpose of demonetisation was to move India from a tax non-compliant society to a tax-compliant society, he said adding this necessarily involved formalisation of the economy and a blow to the black money.

"This is the positive impact of demonetisation. More formalisation of economy, more money in the system, higher tax revenue, higher expenditure, higher growth after the first two quarters," the Finance Minister said.

Jaitley said the growth of Income Tax collections in the pre-demonetisation two years was 6.6 per cent and 9 per cent.

Post-demonetisation, the collections increased 15 per cent and 18 per cent in the next two years.

"The same trend is visible in the third year," he said.

In March 2014, the number of Income Tax (IT) returns filed was 3.8 crore.

In 2017-18, the number has grown to 6.86 crore.

In the last two years, when the impact of demonetisation and other steps are analysed, the IT returns have increased 19 per cent and 25 per cent, Jaitley noted.

On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of high-value currency notes.

Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, notes worth Rs 15.31 lakh crore have been returned to the banks.


Centre's New Move May Escalate Feud With RBI Ahead Of Board Meet: Report
Air India eyes Rs 800 cr from sale of over 70 properties
Intel India opens design house costing Rs 1,100 cr at B'luru
Sensex rebounds 332 pts on easing crude, rupee gains
Govt mulls second round of 2,500 MW medium-term PPA auction
India invites Swedish companies to explore investment opportunities
Govt cancels ED officer Rajeshwar Singh's leave
Facebook blocks 115 accounts ahead of US midterm elections
Indian norms on PCA, capital are conservative, rule-based: SBI
SBI back in black on credit growth
TN transport employees threaten to go on strike
Ease of biz ranking: Indian can improve further, says Jaitley
Rupee declines 11 paise to close at 73.27 against US dollar
Gold rises in futures trade; up 0.54% on global cues
Mistry announces startup fund on 2nd anniversary of his ouster
BSE gets Sebi's nod to launch Oman crude oil contract
Sensex cracks 34,000-mark, Nifty below 10,200 on weak global cues
Petrol pumps in Delhi on strike demanding VAT cut
RBI likely to stay on hold for rest of FY'19 : Report
Japan introduces Artificial Intelligence technology to ease business
KERALA NEWS
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
 Thiruvananthapuram, OCT 27: As the number of people arrested for allegedly being involved in violent  
Vijayan urges UAE Keralites to back salary challenge
Sabarimala row: Protests against SC verdict continue
Balabhaskar's wife Lakshmi shifted to ICU
INTERNATIONAL NEWS
At Least Two Killed, Eight Injured In Blast In Karachi
 (KARACHI, Nov17, 2018): A bomb killed at least two people and wounded eight others in Pakista
US, China see rival visions for entwined Asia-Pacific region
Imran Khan to visit Malaysia next week; likely to seek monetary aid
US Vice President Mike Pence takes Myanmar’s Aung San Suu Kyi to task over treatment of Rohingya
NATIONAL NEWS
'Gaja' crosses coast, rainfall pounds TN, 22 dead
 (Chennai, Nov17, 2018): Cyclone Gaja ripped through Nagapattinam early Friday uprooting trees
EC removes Mizoram chief electoral officer after protests
Lankesh murder accused sent to SIT custody in Pansare case
Agri sector needs long-term solutions, loan waiver temporary: Naidu
Untitled Page
Rashtra Deepika LTD
Copyright @ 2018 , Rashtra Deepika Ltd.