Budget 2019: Demonetisation-type anti-black money steps got Rs 1.3 lakh crore to tax net, says Piyush Goyal

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Published: February 1, 2019 5:22 PM

India Union Budget 2019: Anti-black money measures including demonetisation and fugitive criminal offenders act brought an undisclosed amount of Rs 1.3 lakh crore to tax net, said Finance Minister Piyush Goyal on Friday in the budget speech.

Budget 2019-20India Union Budget 2019 On November 8, 2016, the Modi government announced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series.

Budget 2019: Anti-black money measures including demonetisation and fugitive criminal offenders act brought an undisclosed amount of Rs 1.3 lakh crore to tax net, said Finance Minister Piyush Goyal on Friday in the budget speech. The steps taken by the government to check illegal money led to the attachment of assets worth nearly Rs 50,000 crore and compelled holders of large cash currency to disclose their source of earning, he added.

“This led to seizure and attachment of assets worth approximately Rs 50,000 crore, and compelled holders of large cash currency to disclose their source of earnings,” said Piyush Goyal.

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A growth of 18 per cent in the direct tax collection in FY18 and increase in tax base by over one crore people filing I-T returns for the first time in FY17 after demonetisation was recorded, he noted.

On November 8, 2016, the Modi government announced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new Rs 500 and Rs 2000 banknotes in exchange for the demonetised banknotes.

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The government claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.

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