Discover and read the best of Twitter Threads about #Demonetization

Most recents (7)

1. As per RBI report, 99.3% of 500/1000 notes came back to the banks

The balance are probably being held by Nepal, Bhutan, NRI's & many Indians who could not deposit the notes as the last date was changed from 30th March 2017 to 30th December 2016
2. (a case is pending on this in the Supreme Court)

So if all the 500/1000 Notes came back, who really got affected by @PMOIndia master stroke?

If the IT department has been able to collect valuable data due to this action, how many people have been proceeded against till date?
3. #Demonetization failed spectacularly There can't b 2 opinions on that
It led to a 2% fall in GDP That fall translates to 3,00.000 Crore of GDP loss to the nation

@narendramodi must be prosecuted for this move alone & hang for causing indiscriminate loss to the people of India
Read 4 tweets
@SushantBSinha #Fact check extended :

Cash holding:
2016: 17.00 lac crore
2018: 19.30 lac crore
Valuation of rupee :
2016: 65/$
2018: 75/$
Liquidity : #IL&FS crisis
GDP growth: Fall by 2% (tag of fastest growing economy lost)
Bank fraud: Constantly increasing
Chip: Not found😂
@SushantBSinha Continuation....

#Naxalite insurgency:

Civilians killed:
2015: 90
2017: 110
Security forces killed:
2015: 60
2017: 75

#Demonitisation #FactCheck
@SushantBSinha Continuation.....3

Stone pletting in kashmir
2015: 730
2017: 1261

But godi media is tweeting figure as per their convenience !!!

#Propaganda chalta rehna chahiye ! #FactsAreFacts

Read 4 tweets
Browsing thru direct taxes collection numbers put out by the IT Dept., I find something rather strange:

1. Over 4 years, 2014-15 to 2017-18, direct taxes paid by the corporate sector increased by 44.7% cumulatively.
2. Over a similar 4 year period, 2009-10 to 2013-14, direct taxes paid by the corporate sector increased by 61.2% cumulatively.

3. Over a 4 year period 2013-14 to 2017-18 personal taxes paid by individuals increased by 72.9% cumulatively.
4. Over a similar 4 year period 2009-10 to 2013-14, direct taxes paid by individuals increased by 82.8% cumulatively.

So in respect of both corporate & personal direct taxes, the growth in tax collections 2010-2014 was higher by 10% points than in 4 years from 2014-2018.
Read 5 tweets

There is lot of debate if #Demonetization is a success or failed. Naturally, the duffer @RahulGandhi jumped into it and has only one point to make based on Steering team report. Who makes that report NETA, do they know #DeMo NO

Here are few point I collected via WA

The Government of India decided to cancel the Legal Tender Status of Rs.1000 and Rs.500 denomination currency notes on 8th November 2016 with several objectives: (i) flushing out Black Money, (ii) eliminate Fake Indian Currency Notes (FICN),

(iii) to strike at the root of financing of terrorism and left-wing extremism, (iv) to convert non-formal economy into a Formal Economy to expand Tax Base and employment and (v) to give a big boost to Digitalization of payments to make India a less cash economy.
Read 12 tweets

Let's talk about NPAs :

On 8th April 2004, Soli J.Sorabjee, the then Ld Attorney General, arguing for Union of India, convinced a Constitution Bench of SC to uphold the Sarfaesi Act, 2002 by citing a pressing need to curb NPAs, which had risen to Rs. 1 lac crore
It was submitted before the SC that the enactment of RDDB Act, 1993 & establishment of DRTs has been unable to stop the rise in NPAs. Mr. Salve chipped in with a talk on International practices.

The SC agreed. A harsh, draconian law was upheld.
It was upheld with a stated objective of "reducing" the NPAs. A lot of existing protections under laws & principles of natural justice were allowed to be trampled by banks and financial institutions to address the pressing need of 'reducing the 1 lac crores of NPAs'.
Read 20 tweets
RBI has come with an excellent paper on the benefits of #Demonetisation - with undeniable facts and data and not rhetoric that has been offered by newly minted economists or stale shayari from the Congress stable. Consider some facts in next few tweets.1/10
Currency in circulation (CIC): CIC was down by 8% Y-o-Y as against 17.2% rise in previous year. So as of 27th Oct 2017, CIC was around 91% of pre-demonetization levels and actually 81% if same growth rate had continued in absence of demonetization. 2/10
Currency in circulation as proportion of broad money (M3) fell to 12.3% on 13th Oct 2017 as compared to 14.4% on 11th Nov 2016. The conclusions in RBI paper are thus significant. 3/10
Read 11 tweets
Thread: The real objective behind #demonetisation was… (1/n)
Nov 8, 2016: Modi demonetisation speech - “to get a grip on corruption and black money”… (2/n)
PM Narendra Modi uttered the phrase “black money” 18 times in this speech on Nov 8, 2016. (3/n)
Read 23 tweets

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