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LATEST NEWS UPDATES | Demonetisation did not impede future black money flows: UN report

Demonetisation did not impede future black money flows: UN report

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published Published on May 12, 2017   modified Modified on May 12, 2017
-IANS

As per the report, the disruption caused by demonetisation had ‘greater and longer-lasting’ impacts for lower-income individuals, households and businesses.

The Indian government’s demonetisation measures did not impede future black money flows in new denominations, a UN report said on Monday.

According to UN Economic and Social Survey of Asia and the Pacific 2017, complementary measures to demonetisation would be required to target all forms of undeclared wealth and assets.

“Broader structural reforms which could also contribute to enhanced transparency include: the implementation of a goods and services tax; voluntary disclosure of income scheme; and tracking of high-value transactions through taxpayer identification numbers,” it said.

“Other measures, such as reforming the real estate registration process to ensure transparency, are being discussed.”

As per the report, the disruption caused by demonetisation had “greater and longer-lasting” impacts for lower-income individuals, households and businesses that had difficulty insulating themselves against the shock.

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Hindustan Times, 9 May, 2017, http://www.hindustantimes.com/india-news/demonetisation-did-not-impede-future-black-money-flows-un-report/story-TBj1aYoHoQPTnlLyOtn3lM.html


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