SME Times is powered by   
Search News
Just in:   • 'India, Singapore working to connect Indian, ASEAN SMEs'  • Sensex, Nifty end flat on caution ahead of state polls  • Rural MSMEs need to be empowered: Minister  • UK announces draft agreement with EU on Brexit  • Odisha gets investment proposals worth Rs 3,900 cr in IT, electronics sector 
Last updated: 08 Nov, 2018  

Arun.9.Thmb.jpg Demonetisation a move towards more formal economy: Jaitley

Jaitley.9.jpg
   Top Stories
» 'India, Singapore working to connect Indian, ASEAN SMEs'
» Rural MSMEs need to be empowered: Minister
» Reforms to push India to $10 trillion economy: Prabhu
» Wholesale inflation rises to 5.28 pc in October
» 'Startup India Investment Seminar to woo Chinese investors'
SME Times News Bureau | 08 Nov, 2018

On the second anniversary of the Modi's 2016 decision to ban Rs 1,000 and Rs 500 notes, Finance Minister Arun Jaitley on Thursday claimed the decision proved beneficial for the economy.

In an article 'Impact of Demonitisation' written by Jaitley, the Finance Minister said demonitisation is a key step in a chain of important decisions taken by the Government to formalise the economy.

The Government first targeted the black money outside India.  Asset holders were asked to bring this money back on payment of penal tax, he said.

Those who failed to do so are being prosecuted under the Black Money Act.  Details of all accounts and assets abroad which have reached the Government, resulted in action against the violators, Jaitley added.

Technology has been used for both Direct and indirect taxes to facilitate filing of returns and expanding the tax base, the minister said.

Financial inclusion was another important step to ensure that even weaker sections became part of the formal economy, Jaitley claimed. 

Jan Dhan Accounts have resulted in most people being connected to the banking system.  The Aadhaar Law has ensured that Direct Benefit Transfer of Government support system reached directly into the bank accounts, he added.

The GST has further ensured that in the matter of Indirect taxes, the tax procedures become simple.  It is now becoming increasingly difficult to evade the tax system, Jaitley said.

In contrast, ridiculing Prime Minister Narendra Modi's "knowledge of economics", the Congress on Thursday ripped into him for the "reckless" decision of demonetisation that it said wrecked the economy and consumed many lives.

 
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 15 Nov, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Industry hails MSME Support and Outreach initiative(8)
» Starting an import export business: Basic guide for beginners(3)
» Impact of cheap Chinese products on the Indian economy(1)
» US-China tariff war: Opportunity for India(1)
» MSME loans can be provided only through banks: Jaitley(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter