SOme questions and Answeres On Demonetization
How much demonetized money came back?
According to a 2018 report from the Reserve Bank of India, approximately 99.3% of the demonetised banknotes, or ₹15.30 lakh crore (15.3 trillion) of the ₹15.41 lakh crore that had been demonetised, were deposited with the banking system, leading analysts to state that the effort had failed to remove black money from the economy.
Is the note ban successful?
Of the Rs 15.41 lakh crore worth invalidated notes, notes worth Rs 15.31 lakh crore have returned. In February 2019, the then finance minister Piyush Goyal told Parliament that Rs 1.3 lakh crore black money has been recovered through all anti-black money measures including demonetisation.
What is the conclusion of demonetisation?
The currency has been demonetised thrice in India. concluded that Demonetization is advantageous in the short, medium and long term. ... He concluded that demonetisation was a compulsory step to tackle the problem of black money, terrorism and corruption etc.
Why is Demonetisation bad?
In the days following the demonetisation, the country faced severe cash shortages with severe detrimental effects across the economy. People seeking to exchange their banknotes had to stand in lengthy queues, and several deaths were linked to the inconveniences caused due to the rush to exchange cash.
Did GDP increase after Demonetisation?
National Statistical Office Friday revised India's GDP growth downwards for two financial years while increasing economic growth in the year of demonetisation. ... The government pegged GDP growth for the financial year 2018-19 to 6.1 per cent from the earlier estimate of 6.8 per cent.
Who suggested Demonetisation in India?
Anil Bokil Earlier, many news reports have said that Anil Bokil, founder of Pune-based think-tank Arthakranti, is the one who had suggested the step to PM Narendra Modi. Bokil, 55, has been described as an employee, employer, entrepreneur, economic theorist, and activist on the website of Arthakranti.
Does black money still exist in India?
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. ... In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ₹300 lakh crores or US$1.5 trillion.
When was demonetization done?
November 8, 2016, years after Narendra Modi announced demonetisation on November 8, 2016, the withdrawal of banknotes has become a historic event in the lives of Indian citizens and those who depended on the Indian economy.
What is the objective of Demonetisation in India?
To discourage the use of high-denomination notes for illegal transactions and thus curb the widespread use of black money. To encourage digitisation of commercial transactions, formalise the economy and so, boost government tax revenues.
To encourage digitisation of commercial transactions, formalise the economy and so, boost government tax revenues. The formalisation of the economy means bringing companies under the regulatory regime of government and subject to laws related to manufacturing and income tax.
Who is the father of demonetisation?
Bokil founded ArthaKranti Pratishthan, a Pune-based think-tank, in 2004, and has been advocating for demonetisation for several years now. He first met Modi in Ahmedabad in 2013, when the latter was announced as the prime ministerial candidate for the Bharatiya Janata Party.