Demonetization is Just the Beginning – The Mission is Yet to be Achieved

Demonetization in India

According to the reports, the government says that the demonetized 500 and 1000 notes were returned constituting to 99%. Anyways, this may not be true as the mission continues to rule on the Nation shoulders. The deposited cash yet has a scrutinization by the government which results in black money to be revealed.

Authorities have lit up the fire on taxes reaching to 25% and it is all because of demonetization. By the August 5, the returns were 25.3% higher at 2.79 crores and 55 lakh from 2.23 Crore in the year 2016-107. The growth is 9.9%.

Next Missions After Demonetization:

The notes demonetized on November 8 and the estimation counts to Rs. 15.74 Crore. These notes have backed to the system of banking falling under the tax scanner. The black money in this amount will become white but after-tax rate only. The drive against black money will become successful because the amount that entered into tax shows it all.

The benami transactions more than 400 by May 23 which identified by the tax authorities. While the market value of these transactions has risen to Rs. 600 Crore and happens more in these days.

Apart from this, two lakh companies identified under money trials formed by the demonetization. One lakh Companies transactions struck and more than 3 lakh companies reached to suspicious state. The engagement in hiding black money transactions was 37000 while on the doubt and those listed on the platforms of exchange such as trading and submission of documents is pending for 163 Companies.

This demonetization project made an impact on the black-money economy of the country. The money has deposited scrutinized based on the deployment of advanced data analytics. The black money which hidden in the deep grounds has grilled out to the banks through various transport means with a Demonetization machine.

A task for the government is to separate the black and white money by taxing them. Once all the returned money is accounted by the government, Modi’s demonetization project gets done.