Finance Minister Arun Jaitley also said the number of taxpayers increased significantly from 4.72 crore in 2012-13 to 6.26 crore during 2016-17.
Demonetisation affected the country's GDP growth rate by only 0.4 per cent, Surjit Bhalla, part-time member of the Economic Advisory Council, said today.
Prime Minister Modi on November 8, 2016, demonetised Rs 500 and Rs 1,000 notes in a bid to clamp down on black money, fake currency menace, terror funding and corruption.
Prime Minister Narendra Modi had announced on November 8 last year scrapping of Rs 500 and Rs 1000 currency notes.
Prime Minister Narendra Modi will on Tuesday interact with Finance Minister Arun Jaitley and other top officials to take stock of the economic situation.
The Indian Newspaper Society also condemned incidents of violence and attack on media offices and journalists, describing them as undisputedly serious threats to the freedom of press.
The government had on last November 8 scrapped 1000 and 500 rupee notes from the economy in one go -- which accounted over 86 per cent of the total Rs 16.24 trillion value of banknotes in circulation as of March 2016.
RBI clarified it is using “sophisticated Currency Verification and Processing (CVPS)" machines for checking numerical accuracy and genuineness of the currency notes
BJP President Amit Shah said the dip in GDP growth to 5.7 per cent is "temporary" and not linked to demonetisation
PM Modi on Wednesday addressed the Indian diaspora at Yangon's Thuwanna Indoor Stadium in Myanmar
Congress said the slow GDP growth rate was because of the prime minister's "reckless" decision of demonetisation
The department added that 14,000 properties of over Rs 1 crore each are also under scrutiny as their owners have not filed income returns
Finance Minister Arun Jaitley today said the fallout of demonetisation was on predicted lines and the economy will benefit in medium and long term
The real motive behind demonetization was (1) bringing black money back to the banking system (2) expanding the tax base and (3) switching the economy to digital mode.
Former Finance Minister P. Chidambaram asked the government if demonetisation was a "scheme to convert black money into white"
RBI on Wednesday said that Rs 15.28 lakh crore of the Rs 15.44 lakh cr banned notes returned to system after demonetisation.
Raising the issue during Zero Hour, Anand Sharma (Cong) said “even a child is delivered in nine months” but the country doesn’t know how many of the old and junked currency notes were returned.
The RBI will hire 12 currency verification systems for six months to help it segregate fake ones from scrapped notes of Rs 500/1000 denomination.
Data available from the NCRB indicates that 1.58 lakh notes of fake currency, having a face value of Rs 11.23 crore, have been detected in 29 states post demonetisation until July 14.
The Centre today asserted in the Supreme Court that it was not inclined to grant any more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes.
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