NDA, opposition spar on second anniversary of demonetization
While Jaitley says note ban made tax evasion harder, Manmohan warns govt against unorthodox moves
thought and care,” Singh said. He added that the economy continues to struggle to create enough jobs for the youth.
Experts said it may be too early for the last word on demonetization’s outcomes. “Costs of demonetization are of short term and have been documented. The benefits, however, lie in the medium to long term. We have already seen some of the positive results such as a wider tax base and formalization of the economy,” said N.R. Bhanumurthy, professor at the National Institute of Public Finance and Policy.
Jaitley said in a Facebook post that demonetization was a key step in a chain of decisions taken to formalize the economy, which has added more direct and indirect taxpayers and made tax evasion harder. Digitization, financial inclusion and leak-proof direct transfer of state benefits to citizens are also part of the key measures taken, the post said.
Jaitley said the currency ban led to cash holders depositing cash in banks, greater lending capacity for banks, more tax filers and higher tax receipts.
Congress party leader Anand Sharma, however, attributed the addition in taxpayers to the Seventh Pay Commission award to government workers. Sharma asked if Prime Minister Narendra Modi was ready to apologize to the nation.
Demonetisation was a self inflicted deep wound on Indian economy which even two years later remains a mystery why the country was pushed into such a disaster ?
Mr. Trump’s imperial presidency was converting America into an illiberal democracy. The people have voted to restore checks and balance.thereisa lesson for India
Weareopposingtipu Jayanti celebration. Nobody will appreciate this celebration. In the interest of the state, state govt must stop it.