SME Times is powered by   
Search News
Just in:   • '35 pc cos pay nil GST, which shows no burden on SMEs'  • Cinepolis Hosts a Special Screening for the Underprivileged Kids  • Dr Amal Al Qubaisi Wins Parliamentarian Excellence Award as Best President of Arab Parliament  • Launch of Life Skills Program  • Google Play Awards 2017 Announced: LIKE Wins 3 Prizes Among Global Competitors 
Last updated: 09 May, 2017  

unlogo.THMB.jpg 'Demonetisation did not impede future black money flows'

black-money.jpg
   Top Stories
» FM for strengthening banks to enable them to lend to MSMEs
» Ready to discuss all issues on floor of Parliament: Govt
» Only 13 pc cos use digital to drive both growth, efficiency: Survey
» Impact of GST on SMEs: Mixed reactions from state Finance Ministers
» WPI inflation at 3.93 percent in November
SME Times News Bureau | 09 May, 2017
The Indian government's demonetisation measures did not impede future black money flows in new denominations, a UN report said on Monday.

According to UN Economic and Social Survey of Asia and the Pacific 2017, complementary measures to demonetisation would be required to target all forms of undeclared wealth and assets.

"Broader structural reforms which could also contribute to enhanced transparency include: the implementation of a goods and services tax; voluntary disclosure of income scheme; and tracking of high-value transactions through taxpayer identification numbers," it said.

"Other measures, such as reforming the real estate registration process to ensure transparency, are being discussed."

As per the report, the disruption caused by demonetisation had "greater and longer-lasting" impacts for lower-income individuals, households and businesses that had difficulty insulating themselves against the shock.

"Rural incomes and consumption were affected due to a decline in prices for agricultural products (although again, this was not reflected in the national accounts data which measure agriculture in terms of quantity)," the report said.

"In the medium-term, the currency initiative is expected to bring more economic activities into the formal sector and spur digitisation of financial transactions, helping to broaden the tax base and secure the fiscal space needed for public social and infrastructure expenditures."

The report pointed out that "one-off" currency measure in effect transferred lost black money to the central government through unclaimed or unexchanged notes.

"Preliminary estimates suggested a 97 per cent recovery of notes, which would imply a 3.16 per cent increase in fiscal revenues for the government," the report read.

On November 8, 2016, exactly six-months ago Prime Minister Narendra Modi announced that the Reserve Bank of India (RBI) would withdraw India's two largest currency denominations -- Rs 500 and Rs 1,000 -- from circulation.

The two bank note denominations which were withdrawn represented more than 86 per cent of the cash in circulation. 
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 17 Dec, 2017
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(14)
» Foreign Trade Policy(6)
» List of items for which anti dumping duties has been levied with related notifications(1)
» Online GST compliance platform a simple and cheap solution for filing return: Co-Founder, EasemyGST(1)
» SC order on interim relief on mandatory linking of Aadhaar on Friday(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter