Page 70 - LECTURETTE TOPICS eBOOK

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blow to money launderers who never ever thought that all their foul plays will become
futile and all their savings would turn zero. Cashless transactions are undeniably the
most effective procedure to put an end to unaccounted transactions in the long run.

Demonetization – The Current Scenario

• Approximately cash deposits of 2.89 Lakh Crore are undergoing
investigation, though it hasn’t yielded much result. Who does this wealth
belong to? Well, let the investigation go on.
• 5.56 suspected transactions have been detected by advanced economic
analyst tools.
• Detection of undisclosed income of INR 29,213 Crore.
• Scrutiny of 18 Lacs suspected accounts across the nation.
• 20% - 25% reduction in currency circulation.
Reasons, why Demonetization is good?
• Approximately 56 new taxpayers were added within a month.
• No of Returns filed increased to 24.7% as compared to 9.9% in the
previous year
• Advance tax collections of Personal Income Tax grew at 41.79% over
same period of last year
• Personal Income Tax under Self-Assessment Tax grew at 34.25% over
same period last year

Cleansing India’s Financial System
• Transactions of more than 3 lakh suspected companies under the
surveillance.
• Around 450 companies were blacklisted and 800 untraceable companies
to be further enlisted as fraudulent organizations.
• More than 400 suspicious transactions identified and market value of
properties attached found to be more than Rs 800 crore
• Deposits in the banking system increased to Rs 3 lakh crore and
nevertheless it will help to reduce fiscal deficits.
• Additional liquidity helped reduce interest rates by 100 basic points.

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