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#GauravPradhan 🇮🇳 @DrGPradhan
, 12 tweets, 4 min read Read on Twitter
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
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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),
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(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.
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Effect & Benefits of Demonetisation

56 lac New Taxpayers Added post-DeMo.

Tax Base increased by 1.26 crore taxpayers.

The number of Returns filed registered an increase of 24.7% over previous year of 9.9%

Net currency circulation reduced by Rs. ~3 trillion i.e 21%
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Interest rates reduced by 100 bps.

Digital transaction increased by 65%

Deposits in Banking increased by 3 lac crore.

16,000 crore didn't came back to Bank

4.73 lac suspicious transaction detected

All Transaction above 3 lac under Scrutiny

Jewellery demand plunged by 80%
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Assets under management (AUM) of MFs rose by 54%.

More than 1 crore workers added to EPF & ESIC.

Under IDS'15 a total of 3,770 crore declared.

Under IDS'16 a total of 65,250 crore declared.

52.4 crore unique Aadhaar numbers have been linked to 73.62 crore accounts in India
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21000 ppl declared 4,900 crores under PMGKY

34 Big CAs under Investigation. The real culprit

460 banks officials punished for alleged irregularities: CVC

5,800 Cos with 'withdrawal syndrome' under government scanner

Notices to 1.16 lakh for cash deposit of over Rs 25 lakh
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5000 Tax notices who deposited more than 1 Crore.

18 Lac Accounts scrutinized & Notices been sent under 'OCM'.

5.56 lakh more ppl identified whose deposits do not match their income profile

35,000 shell companies were struck off.
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About 200 high risk clusters of persons were identified for appropriate action.

2.1 lac shell companies De-registered

GoI to de-register 1.2 lac more shell companies.

3.09 lac Board of Directors disqualified.

Undisclosed income of 42,448 crore admitted u/s 132(4).
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33,028 crore detected as Undisclosed Income.

Cash deposits of 2.89 lakh crore under I-T investigation.

The impressive revenue collection under GST is also partially attributable to demonetization drive..

Who says #Demo failed........... The duffer @RahulGandhi ?
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Fact remains 1,65,396 Cr worth of 'Black Money' had been captured/ admitted/came back post IDS & due to #DeMo. Recovery by ED & Recoveries under 'Benami' & 'Imposition' Tax are additional. Total of 2,12,360 crore worth of 'Black Money' have been ceased in last 4 Years.
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And of-course 'Currency' came back to Banks doen't mean it is not Black Money. The ceased amount is also been deposited.

I am not a "Financial Expert" but what written about are basic points which anyone can understand if they read #DeMo from a neutral mind

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