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
#demonetisationdisaster
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😂
#Demonetization
@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

#Demonitisation
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
1

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
2

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),
3

(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
1/n

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
2/n
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.
indiankanoon.org/doc/1059476/
3/n
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”
narendramodi.in/text-of-prime-… (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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