Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680241fa634bb-trace').style.display = (document.getElementById('cakeErr680241fa634bb-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr680241fa634bb-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr680241fa634bb-code').style.display = (document.getElementById('cakeErr680241fa634bb-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr680241fa634bb-context').style.display = (document.getElementById('cakeErr680241fa634bb-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr680241fa634bb-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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</span></span></code></pre><pre id="cakeErr680241fa634bb-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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		&#039;title&#039; =&gt; &#039;With due respect, Finance Minister -Arun Kumar&#039;,
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;
&lt;br /&gt;
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;
&lt;br /&gt;
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;
&lt;br /&gt;
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;
&lt;br /&gt;
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 12 November, 2018, https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_P&#039;,
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;br /&gt;&lt;br /&gt;&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;&lt;br /&gt;The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;&lt;br /&gt;Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;&lt;br /&gt;The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;&lt;br /&gt;The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot; title=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;
&lt;br /&gt;
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;
&lt;br /&gt;
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;
&lt;br /&gt;
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;
&lt;br /&gt;
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 12 November, 2018, https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_P&#039;,
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;br /&gt;&lt;br /&gt;&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;&lt;br /&gt;The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;&lt;br /&gt;Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;&lt;br /&gt;The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;&lt;br /&gt;The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot; title=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;
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Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest..."/>
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                <strong>With due respect, Finance Minister -Arun Kumar</strong></h1>
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                <div align="justify">-The Indian Express<br /><br /><em>There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.<br /></em><br />The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?<br /><br />The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.<br /><br />Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.<br /><br />The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.<br /><br />The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.<br /><br />Please <a href="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ" title="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ">click here</a> to read more. <br /><br /><br /></div>               </font>
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;
&lt;br /&gt;
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;
&lt;br /&gt;
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;
&lt;br /&gt;
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;
&lt;br /&gt;
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 12 November, 2018, https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_P&#039;,
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There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;br /&gt;&lt;br /&gt;&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;&lt;br /&gt;The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;&lt;br /&gt;Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;&lt;br /&gt;The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;&lt;br /&gt;The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot; title=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;
&lt;br /&gt;
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;
&lt;br /&gt;
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;
&lt;br /&gt;
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;
&lt;br /&gt;
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 12 November, 2018, https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_P&#039;,
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There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...&#039;
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest..."/>
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                <strong>With due respect, Finance Minister -Arun Kumar</strong></h1>
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                <div align="justify">-The Indian Express<br /><br /><em>There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.<br /></em><br />The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?<br /><br />The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.<br /><br />Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.<br /><br />The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.<br /><br />The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.<br /><br />Please <a href="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ" title="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ">click here</a> to read more. <br /><br /><br /></div>               </font>
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-The Indian Express&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;
&lt;br /&gt;
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;
&lt;br /&gt;
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;
&lt;br /&gt;
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;
&lt;br /&gt;
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 12 November, 2018, https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_P&#039;,
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Indian Express&lt;br /&gt;&lt;br /&gt;&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;&lt;br /&gt;The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;&lt;br /&gt;Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;&lt;br /&gt;The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;&lt;br /&gt;The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot; title=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?&lt;br /&gt;
&lt;br /&gt;
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&amp;rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.&lt;br /&gt;
&lt;br /&gt;
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.&lt;br /&gt;
&lt;br /&gt;
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.&lt;br /&gt;
&lt;br /&gt;
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&amp;rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...&#039;
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest..."/>
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                <strong>With due respect, Finance Minister -Arun Kumar</strong></h1>
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                <div align="justify">-The Indian Express<br /><br /><em>There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.<br /></em><br />The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?<br /><br />The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.<br /><br />Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.<br /><br />The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.<br /><br />The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.<br /><br />Please <a href="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ" title="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ">click here</a> to read more. <br /><br /><br /></div>               </font>
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-The Indian Express<br />
<br />
<em>There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.<br />
</em><br />
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?<br />
<br />
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.<br />
<br />
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.<br />
<br />
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.<br />
<br />
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.<br />
<br />
Please <a href="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ">click here</a> to read more. <br />
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There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...',
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-The Indian Express<br />
<br />
<em>There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.<br />
</em><br />
The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?<br />
<br />
The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.<br />
<br />
Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.<br />
<br />
The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.<br />
<br />
The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.<br />
<br />
Please <a href="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ">click here</a> to read more. <br />
<br />
<br />
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$metaTitle = 'LATEST NEWS UPDATES | With due respect, Finance Minister -Arun Kumar'
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-The Indian Express

There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.

The government did not celebrate the second anniversary of demonetisation, one of its biggest...'
$disp = '<div align="justify">-The Indian Express<br /><br /><em>There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn&rsquo;t need to suffer for digitisation.<br /></em><br />The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence?<br /><br />The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM&rsquo;s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult.<br /><br />Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation.<br /><br />The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation.<br /><br />The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated.<br /><br />Please <a href="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ" title="https://indianexpress.com/article/opinion/columns/arun-jaitley-demonetisation-indian-economy-rbi-note-ban-5441626/?fbclid=IwAR162A8oJXvOn_71xxh0rUH0cvAhvAQwltm_PrcyipWgzOg6pDMtprWLIuQ">click here</a> to read more. <br /><br /><br /></div>'
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With due respect, Finance Minister -Arun Kumar

-The Indian Express There has been only a marginal increase in the direct tax to GDP ratio after demonetisation. And the economy didn’t need to suffer for digitisation. The government did not celebrate the second anniversary of demonetisation, one of its biggest policy initiatives. It has celebrated the anniversary of all other big policies. Why the diffidence? The finance minister did come out with a statement listing the achievements of demonetisation. But his statement must be seen in light of the Minutes of the RBI Board Meeting on November 8, 2016, that recommended demonetisation. The Board had made it clear that demonetisation was not the way to tackle black money or counterfeit currency. Thus, two of the main objectives that were emphasised in the PM’s announcement on demonetisation were undermined the very day the policy was announced. No wonder, soon after it became clear the money was flooding into the banks, the government started talking of a cashless economy. And then it started talking about a less cash economy, digitisation and formalisation of the informal economy. It was said that these deposits would create a paper trail and black money generation would become difficult. Initially, there was a spurt in the use of electronic means of transactions but this pace could not be sustained as more currency became available. The country had anyhow been slowly moving toward a less cash economy prior to demonetisation and this has continued. It was said that the government would restrict currency in circulation to less than what existed on November 7, 2016. But now the currency in circulation is about 10 per cent more than the Rs18 lakh crore that existed prior to demonetisation. To be fair, it is less than what it would have been if the increase in currency in circulation had continued at the pace prior to demonetisation. The FM has cited three achievements of demonetisation. First, an increase in digital transactions. Second, expansion in the tax base with more people paying taxes. Third, the creation of paper trails that will make it difficult to generate black incomes in the future. Interestingly, echoing the RBI Board, he said confiscation of currency was not an objective of demonetisation. The line earlier was that black money, held in the form of high denomination notes, would not return to banks since that would create paper trails. The then Attorney General had told the Supreme Court that Rs 3 to 4 lakh crore would not return to the banks. Soon it became clear that all the money would come back since those holding black money had worked out ways of converting their old notes to new notes. The government then started saying that was good since now the people who had deposited large sums of money could be investigated. Please click here to read more.