[The BJP-led government may have hoped that the demonetisation of Rs 1,000 and Rs 500 notes will drive black money worth Rs 3 lakh crore out of the system but the Income Tax department has detected only around 1.6 per cent of this figure, till January 5. ... Demonetisation will take an “awful toll” on the underprivileged, especially wage labourers, and its impact might be worse and last longer than expected, noted development economist Jean Dreze has said. ... Dismissing the claim that the demonetisation was a “surgical strike” on black money, he said if the government is really interested in dealing with the problem of ill-gotten wealth, it would be useful to start the process by introducing transparency in political funding.]
http://punemirror.indiatimes.com/news/india/I-T-detects-Rs-4807-cr-black-money-after-8/11/articleshow/56408333.cms I-T DETECTS RS 4,807 CR BLACK MONEY AFTER 8/11 Agencies | Jan 9, 2017 NEW DELHI ***The BJP-led government may have hoped that the demonetisation of Rs 1,000 and Rs 500 notes will drive black money worth Rs 3 lakh crore out of the system but the Income Tax department has detected only around 1.6 per cent of this figure, till January 5.*** [Emphasis added.] In its operations post demonetisation, over Rs 4,807 crore of undisclosed income has been detected while Rs 112 crore worth new currency have been seized by the I-T department as part of its country-wide operations against black money hoarders post demonetisation. “The total undisclosed income admitted or detected as part of this action, till January 5, is Rs 4,807.45 crore,” I-T sources said. Official sources said the taxman carried out a total of 1,138 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8 last year, even as the department issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings. The department, they said, has seized cash and jewellery worth over Rs 609.39 crore during the same period even as the new currency seized (majorly Rs 2000 notes) is valued at about Rs 112.8 crore. The value of the seized jewellery in this is Rs 97.8 crore. Some of the biggest hauls came from Chennai. The agency has also referred a total of 526 cases to its sister agencies like the CBI and the Enforcement Directorate to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate. Impact to last longer than expected: Jean Dreze ***Demonetisation will take an “awful toll” on the underprivileged, especially wage labourers, and its impact might be worse and last longer than expected, noted development economist Jean Dreze has said.*** [Emphasis added.] “The effects of demonetisation might be worse and last longer than the government seems to expect. Short-term changes in the informal sector are largely below the radar of official statistics,” Dreze added. ***Dismissing the claim that the demonetisation was a “surgical strike” on black money, he said if the government is really interested in dealing with the problem of ill-gotten wealth, it would be useful to start the process by introducing transparency in political funding.*** [Emphasis added.] -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
