-TheWire.in Instead of waiting for all the data to come in and making an apples-with-apples comparison, are different numbers being thrown at the public in order to make a political point about the ‘success’ of Demonetisation? On August 18, the Ministry of Finance issued a clarification about the number of tax payers that had been added post-Demonetisation, hoping to set at rest the confusion – and skepticism – that had resulted from...
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That sinking feeling -MV Rajeev Gowda & Salman Soz
-The Hindu In contrast to its pronouncements, the government’s own data suggest the economy is in a deep hole Prime Minister Narendra Modi, in his Independence Day address, spoke triumphantly about how Demonetisation drove ?3 lakh crore of unaccounted money into the banking system. The Reserve Bank of India (RBI) is still counting old notes, and unaccounted money cases are ongoing. Thus, this number is at best a guesstimate, and cannot be...
More »Fact Check: Demonetisation's Effect on Increase in Direct Taxes and Income Tax Base -James Wilson
-TheWire.in Despite government press releases, as of August 2017, there doesn’t appear to have been a substantial increase in the number of new tax payers or direct tax collection as a result of Demonetisation. On the morning of August 8, most of our newspapers – both national as well as regional ones – ran headlines about the giant leap in the income tax returns received as well as the increase in advance...
More »Did Demonetisation 'Substantially Increase' Number Of Tax Returns? A FactCheck -Arun Giri
-BoomLive.in In a press release dated August 7, 2017, The Central Board of Direct Taxes claimed that there has been a ‘substantial’ increase in the number of tax returns filed this year ( April 1 – Aug 5, 2017 ) on account of Demonetisation. These first sentences from the CBDT press release are important and we will put them under a microscopic scrutiny in the next few paragraphs. As a result of...
More »Economy yet to recover from the body blow of Demonetisation, admits Economic Survey -Mayank Jain
-Scroll.in The Economic Survey stated that long term benefits of the exercise are yet to materialise. It is now over nine months since the government suddenly withdraw 86% of India’s currency in November but India’s Chief Economic Advisor Arvind Subramanian remains unsure if this note ban or Demonetisation actually helped any sector of the Indian economy, the latest volume of Economic Survey tabled in Parliament on Friday suggests. The Chief Economic Advisor...
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