First anniversary of demonetisation, the ruling party is celebrating November 8 as ‘anti-black money day’, several Opposition parties have decided to observe it as a ‘Black Day.’ Several Union ministers and BJP leaders will be highlighting the “benefits” of demonetisation across the country.
On November 8, 2016, the Narendra Modi-led government had withdrawn Rs 500 and Rs 1000 currency notes from circulation, in a bid to curb corruption and black money.
Here’s some benefits after note ban:
1.Black Money detected, unearthed!
Rs 17 Lakh cr of old notes were recalled and 99 per cent of it were returned.
Rs 16,000 crore of currency never came back, which can be safely categorized as “black money not deposited”.
Rs 29,000 cr of stash detected and admitted.
200 shell companies, which deposited and withdrew Rs 17,000 crore, were detected. It can be called as “black money unearthed”.
Benami property worth Rs 800 crore were attached.
2.New taxpayers added, systems cleansed
56 lakh new tax payers added; number of tax returns filed rose by 24 per cent compared to nine per cent in previous year.
Advance tax collection of personal income tax grew by 42 per cent and self-assessment tax grew by 34 per cent.
3.Savings, Banking: biggest beneficiary
Deposits in banks increased by Rs 5.38 lakh crore by June 2017, helping banks to lend for development purpose. Additional liquidity in banks helped reduced interest rate by 1%.
Depositors got Rs 20,000 crore of additional income, resulting in higher savings and consumptions.
More than one crore EPF and ESIC accounts, resulting in higher availability of savings for economy.
Domestic savings reached financial markets with an average inflow of Rs 20,000 crores in mutual funds.
4.Fiscal Benefits
Higher tax payment has improved the prospects of higher tax collections, which will bring down the need of incremental borrowings by the government.
More tax payers in the system will lead to lowered tax rates in future. This will lead to higher savings in the hands of tax payers.
The government can accelerate the development in the economy with more funds, resulting in faster progress of the nation and more benefits to people.
5.Social Benefits
As a result of bank accounts, Direct Benefit Transfer of funds will help the poor find money in his accounts and will help in bridging the income disparity gap.
In 5-10 years from now, rural India will find due prosperity which will help reduce the stress on cities as more people will find jobs in their neighbourhood.
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