Five years post demonetisation, was PM Modi’s ‘masterstroke’ to curb the menace of black money a success?
Five years after demonetisation, though cash usage has declined, it still prevails in property transactions, grocery purchase and payment for services, reveals a national online survey by LocalCircles.
The latest expose under the Pandora list has names of prominent Indians like former cricketer Sachin Tendulkar, chairman and MD of Biocon, Mazumdar Shaw, and industrialist Vinod Adani, others.
Under information pact with Switzerland, India is set to get third set of Swiss bank details of Indians and their real estate assets in the country.
The action was carried out on February 26, which found that the transactions to the extent of 50 per cent were out of books
Videos captured on mobile cameras showed excited people scampering to collect the notes on the street.
If the recommendation is accepted, it could be an effective tool to check the black money menace.
Switzerland has begun sharing details for the last few years with several countries including India after submission of evidence about financial and tax-related wrongdoings of the clients of Swiss banks.
Replying to an RTI query, the Finance Ministry said India and Switzerland share information on black money on a case to case basis, as per the investigations being carried out.
ED has alleged in its plea that Khaitan, also an accused in the AgustaWestland chopper scam, was still hiding his black money in overseas accounts
Finance Minister Arun Jaitley said the BJP preferred legitimate methods like crowd sourcing, cheque and electoral bonds over 'the old obsolete style' of collecting only black money by some parties.
On November 25, 2016, the exchange of old notes was stopped and the government allowed the use of only old 500 rupee notes at these utilities till December 15, 2016.
Curbing black money was one of the prime objectives of the shock move to junk old Rs 500 and 1,000 notes, which saw 86 per cent of high-value currency going out of circulation.
Three reports on the quantum of black money held by Indians in the country and abroad were submitted to the government more than four years ago.
The minister also added that the government does not have the requisite money and that Centre has asked the Reserve Bank of India (RBI) for the money but they are not complying with the same.
This comes in direct contradiction with the claims of Prime Minister Modi and the BJP who have claimed that the note ban exercise was an important milestone in the fight against black money--illicit, unaccounted cash that evades lawful taxes.
Stating that the fall in the value of the rupee had nothing to do with the US, Swamy said, "It has got to do with the fact that a large amount of black money is now leaving the country."
The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes have been made.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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