If we are to believe the supporters of demonetisation, the government has successfully completed its demonetisation drive and the Indian economy has made some major gains. Here is what the supporters of demonetisation have to say about the benefits of demonetisation:
- A major achievement of demonetisation has been that it has helped the government in tracking black money. The government claimed that large sums of black money were kept hidden by tax evaders and demonetisation has helped it uncover the huge amount of unaccounted cash. According to estimates made by RBI during the demonetisation drive, people had deposited more than rupees 3 lakh crores worth of black money in the bank accounts.
- A major reason behind demonetisation was that a big part of black money was being used for funding terrorism, gambling, in inflating the price of major assets classes like real estate, gold and other social evils. Demonetisation is acting as an effective countermeasure against such activities. Now all such activities are expected to get reduced for some time. If the claims are correct then it should take years for people to generate that amount of black money again and hence in a way it helps in putting an end this circle of people doing illegal activities to earn black money and using that black money to do more illegal activities.
- Another expected benefit was that due to people disclosing their income by depositing money in their bank accounts, the government will get a good amount of tax revenue which can be used by it towards the betterment of society by providing good infrastructure, hospitals, educational institutions, roads and many facilities for poor and needy sections of society.
- Another major objective of the government achieved through demonetisation was to push the Indian economy towards becoming cashless. The government succeeded in encouraging people to use digital means for making transactions.
- Economy has witnessed close to 20% decline in currency in circulation, number of taxpayers has considerably increased and a large number of shell companies have been identified.
नोटबंदी के बाद.... देश की अर्थव्यवस्था में आया मुख्य बदलाव...
* 56 लाख नए Tax payers जुड़े
* 24.7% ज़्यादा Tax returns फ़ाइल हुई
* ब्याज दर 100BPS घटी
* card ( डेबिट - क्रेडिट ) कार्ड से लेन देन 65% बढ़ा
* banks का deposit 3 लाख करोड़ रु बढ़ गया ।
* 16000 करोड़ रु बैंक में वापस ही नही आये ।
* 4.73 लाख bank transactions संदिग्ध है और जांच के दायरे में हैं ।
* 3 लाख से ऊपर के सभी deposits की जांच चल रही है
* Jewellery की डिमांड 80% से ज़्यादा बढ़ी
* Cashless Digital Payment में 56% की वृद्धि
* म्यूच्यूअल funds के AUM में 54% की वृद्धि
* 1 करोड़ से ज़्यादा नए श्रमिक EPF और ESIC से जुड़े
* Income Disclosure Scheme 2015 में 3770 करोड़ रु आये
* IDS 16 में 65,250 करोड़ आये
* 73 करोड़ से ज़्यादा बैंक खाते आधार कार्ड से लिंक हुए
*PMGKY प्रधानमंत्री गरीब कल्याण योजना के तहत 4900 करोड़ रु आये
*34 बड़ी CA Firms जांच के दायरे में
*460 बैंक कर्मी घोटाले करते पकड़े गए
* 5800 कंपनियां Withdrawal Handsome की जांच के दायरे में ....... इन्होंने नोटबन्दी के बाद रातों रात 4573 करोड़ रु अपने खातों में जमा कराए और फिर निकाल लिए ।
* 25 लाख से ज़्यादा जमा करने वाले 1.16 लाख लोगों को नोटिस
* 1 करोड़ रु से ज़्यादा जमा करने वाले 5000 लोगों को नोटिस
* OCM - Operation Clean Money के तहत 18 लाख से ज़्यादा खाते जांच के दायरे में ।
* 5.56 लाख ऐसे लोग चिन्हित जिनके deposits उनकी ज्ञात आय के स्रोतों से अधिक
* 35000 Shell कंपनियां बर्खास्त
* 2.1 लाख shell कंपनियां deregistered
* 1.2 लाख shell कंपनियां जांच के घेरे में , कभी भी गिर सकती है गाज
* 3.09 लाख Board Of Directors disqualified
* 42,448 करोड़ की Undisclosed income की घोषणा लोगों ने की
* 33,028 करोड़ की Undisclosed income विभाग ने पकड़ी ।
* 2.89 लाख करोड़ के deposits जांच के दायरे में
* नोटबन्दी के बाद से अब तक 2,12,360 करोड़ का काला धन जप्त किया जा चुका है और लगभग 5 लाख करोड़ जांच के घेरे में ............
इसके बावजूद विरोधी कहते हैं कि नोटबन्दी तो फैल हो गयी .......
The 1000 and 500 rupee notes were recently demonetized by the PM, Narendra Modi. The entire country is now grappled with a severe cash crunch. However, this is only for a short duration of time. The demonetization move is going to be a very beneficial one, towards building a cleaner India. Counterfeit notes and black money hoarding are activities that necessarily need to be curbed. That is the reason, the ruling Govt. discreetly planned the move.
Let us go on to discover some of the benefits of demonetization
Putting a complete full-stop to corrupt practices
One of the biggest advantages of demonetization is to put a complete full stop to malpractices carried out in the black money market. Now, people will be quite scared to involve in hoarding their cash as they would have an inherent fear of being prosecuted by the concerned authorities. Black money cash would now never be exchanged with banks either. Quite a lot of terrorist countries were dealing with hot currency including counterfeit notes to buy arms and ammunition.
Now, with the present demonetization move, this cannot happen at least for a decade or so. In other words, the smuggling of arms and dealing with terrorists will not be sustainable as all the money will be in a proper and systematic record now.
Witness a sophisticated banking system
With the present demonetization move put properly in place, the banking system will improve in a considerable manner. The economy will slowly start moving towards a completely cashless direction. Moving towards a cashless economy also implies better access to credit and revamping of financial operations.
More and more people will be using online portals to make their purchases. The existing white money will thus continue to remain with the government. The newly legalized money can thus be utilized by banks and financial institutions to grant loans to the needy borrowers and the banks can generate interest from the same. The financial or the banking system will receive an additional boost in terms of 7-8 Lac Crore of base money. This is when the new notes are circulated but, one must also witness how much cash remains in the banking system, once the withdrawal limits are eased.
Reduced liability for the Govt.
You can witness the move as a positive one as you have a number of fabulous benefits of demonetization. The move can reduce the risk and liability of handling liquid currency. It is always easier handling soft money as against hard money. As every note is a liability for the Govt., this liability can be reduced considerably. The old currency is again worthless for people who decide not to disclose their income. The old notes have become worthless pieces of paper now. With the current demonetization move, it is estimated that more than 5 Lac Crore may come to the Govt. in the form of extinguished notes, taxes, and penalties. The money the Govt. realizes this way is enough to take care of the country 's administration for the entire fiscal.
Reduced instances of tax avoidance
This is one of the major advantages of demonetization. The drastic move can considerably reduce tax avoidance. Whatever money is deposited or exchanged will be kept track of, by the income tax authorities. This way, more and more people will be quite hesitant to involve themselves with tax avoidance tactics. Dealing with real estate and jewelry business will constantly hit the radar. Loan transactions will also be under constant scrutiny. The IT department will also be extra-vigilant towards curbing such malpractices. Tax avoidance can turn out to be a very good boost to the Indian economy. Increased flow of taxes can enable the Govt. to undertake public welfare measures.
Increased GDP levels
Reduced tax avoidance can lead to a better flow of clean money into the economy. In the longer run, tax and interest rates are expected to come down as higher income tax collections can offer a better scope to reduced rates of interest on loans. Housing loans can be offered at reduced rates of interest. This, in turn, will hike up the disposable income of the economy. When more and more people enjoy disposable income, the GDP or Gross domestic Product levels of the economy can improve by quite a deal. Better purchasing power among people can leave a positive impact on the consumption demand, in the longer run.The core advantages or benefits of demonetization are therefore discussed as a part of the segment!
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