-The Telegraph New Delhi: The Narendra Modi government has started to fumble for explanations, with the original raison d'etre for the demonetisation drive coming under strain because of the high volume of cash deposits that have poured into bank accounts. Almost 80 per cent of the Rs 500 and Rs 1,000 notes that were demonetised on November 9 has come straight back into the banking system, prompting the government to change the...
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Utsa Patnaik, professor emeritus at Jawaharlal Nehru University, interviewed by TK Rajalakshmi
-Frontline.in Interview with Utsa Patnaik, professor emerita of economics, Jawaharlal Nehru University. By T.K. RAJALAKSHMI THE FALLOUT of the decision of the National Democratic Alliance government to demonetise currency of higher denominations has been felt across all sections of people. There are concerns that it will lead to an overall economic slowdown given the acute shortage of currency for industrial and agricultural operations. The impact on agriculture and those dependent on agriculture...
More »I-T operations since cash ban yield Rs 2,000 crore; Over 400 inquiries conducted after Nov 8
-The Times of India NEW DELHI: The income tax department has unearthed over Rs 2,000 crore in unaccounted income in search and survey operations across the country since the demonetisation of Rs 500 and Rs 1,000 notes on November 8. The department also seized over Rs 130 crore in cash and jewellery. In a press note on Tuesday, the I-T department said it carried out more than 400 investigations after November 8....
More »Expect all demonetised money to come back to system: Revenue Secretary Hasmukh Adhia -Khushboo Narayan
-The Indian Express Questions over cost of exercise; will tax Black Money hoarders, says Adhia Mumbai: THE government expects the entire money in circulation in the form of currency notes of Rs 500 and Rs 1,000 which have been scrapped to come back to the banking system so that the tax authority can trace the transactions and tax Black Money hoarders, Revenue Secretary, Hasmukh Adhia said on Tuesday. This, effectively, undermines the...
More »Income tax department to use analytics to look for discrepancies in bank accounts -Sachin Dave
-The Economic Times MUMBAI: For the first time, the income-tax department will use big data analytical tools to go through personal bank deposits to segregate Black Money holders from genuine tax-payers, two people in the know have said. While the government has used big data analytical tools for corporate tax reporting in some cases in the past, this is the first time that it will use analytics on such a large scale...
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