Demonetisation anniversary Live: One day to go for the completion of one year of Prime Minister Narendra Modi’s much-debated move to scrap Rs 500 and 1000 notes. Opposition parties led by Congress is observing November 8 as ‘Black Day’. BJP will counter opposition’s charges by marking the day as ‘anti-black money day’. While Congress Vice President Rahul Gandhi and former Prime Minister Manmohan Singh have led Congress’ charge, Finance Minister Arun Jaitley and PM Modi himself have hit back at the Opposition over these issues. The issue of demonetisation has become a key one for BJP and Congress in the upcoming Himachal Pradesh and Gujarat Assembly elections.
Track Live updates of Demonetisation anniversary here
2:40 PM: “In an overall analysis, it would not be wrong to say that country has moved on to a much cleaner, transparent and honest financial system. Benefits of these may not yet be visible to some people,” FM Jaitley said.
2:35 PM: “The next generation will view post November, 2016 national economic development with a great sense of pride as it has provided them a fair and honest system to live in,” FM Jaitley said.
2:30 PM: With increase in tax base and bringing back undisclosed income into the formal economy, the amount of Advance Tax paid by non-corporate tax payers during the current year has also increased by about 42% during 1st April to 5th August.
2:25 PM: The leads gathered due to data collected during demonetisation period have led to identification of 2.97 lakh suspect shell companies. After issuance of statutory notices to these companies and following due process under the law, 2.24 lakh companies have been de-registered from the books of Registrar of Companies.
2:20 PM: Further actions were taken under the law to stop operation of bank accounts of these struck off companies. Actions are also being taken for freezing their bank accounts and debarring their directors from being on board of any company.
2:15 PM: 56 lakh new individual tax payers filing their returns till August 5, 2017 which was the last date for filing return for this category; last year this number was about 22 lakh;
2:10 PM: Self-Assessment Tax (voluntary payment by tax payers at the time of filing return) paid by non-corporate tax payers increasing by 34.25% during April 1 to August 5 in 2017 when compared to the same period in 2016.
2:05 PM: “Steps in this direction have already started. Number of Suspicious Transaction Reports filed by banks during 2016-17 has gone up from 61,361 in 2015-16 to 3,61,214; the increase during the same period for Financial Institutions is from 40,333 to 94,836 and for intermediaries registered with SEBI the increase is from 4,579 to 16,953,” FM Jaitley said.
2:02 PM: Based on big data analytics, cash seizure by Income Tax Department has more than doubled in 2016-17 when compared to 2015-16; during search and seizure by the Department Rs.15,497 crore of undisclosed income has been admitted which is 38% higher than the undisclosed amount admitted during 2015-16; and undisclosed income detected during surveys in 2016-17 is Rs.13,716 crore which is 41% higher than the detection made in 2015-16.
1:58 Undisclosed income admitted and undisclosed income detected taken together amounts to Rs.29,213 crore; which is close to 18% of the amount involved in suspicious transactions. This process will gain momentum under “Operation Clean Money” launched on January 31, 2017.
1:55 pm: “With the return of Rs.15.28 lakh crore in the formal banking system, almost entire cash holding of the economy now has an address. It is no more anonymous,” FM Jaitley said .
1:52 PM: From this inflow, the amount involving suspicious transactions based on various estimates ranges from Rs.1.6 lakh crore to Rs.1.7 lakh crore. Now it is with the tax administration and other enforcement agencies to use big data analytics and crack down on suspicious transactions, FM Jaitley said.
1:49 PM: Why should we remove excess currency from the system? Why should we curtail cash transactions? It is common knowledge that cash is anonymous. When demonetization was implemented, one of the intended objectives was to put identity on the cash holdings in the economy, FM Jaitley said.
1:46 PM: The published figure of “currency in circulation” for half year ending September, 2017 is Rs.15.89 lakh crore. This shows year on year variation of (-) Rs.1.39 lakh crore; whereas year on year variation for the same period during last year was (+) Rs.2.50 lakh crore. This means that reduction in currency in circulation is of the order of Rs.3.89 lakh crore.
1:43 PM: The published figure of “currency in circulation” for half year ending September, 2017 is Rs.15.89 lakh crore. This shows year on year variation of (-) Rs.1.39 lakh crore; whereas year on year variation for the same period during last year was (+) Rs.2.50 lakh crore. This means that reduction in currency in circulation is of the order of Rs.3.89 lakh crore.
1:40 PM: Why should we remove excess currency from the system? Why should we curtail cash transactions? It is common knowledge that cash is anonymous. When demonetization was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.
1:38 PM: With the return of Rs.15.28 lakh crore in the formal banking system, almost entire cash holding of the economy now has an address. It is no more anonymous. From this inflow, the amount involving suspicious transactions based on various estimates ranges from Rs.1.6 lakh crore to Rs.1.7 lakh crore. Now it is with the tax administration and other enforcement agencies to use big data analytics and crack down on suspicious transactions.
1:36 PM: One of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system. The reduction in currency in circulation from the base scenario reflects that this intended objective has been met, FM Jaitley said.
1:33 PM: Watch- BJP’s new ad-video about demonetisation anniversary
— BJP (@BJP4India) November 7, 2017
1:29 PM: When the country is participating in “Anti-Black Money Day”, a debate was started that whether the entire exercise of demonetisation has served any intended purpose. This narrative attempts to bring out positive outcomes of demonetization in short-term and medium-term with respect to stated objectives.
1:25 PM: RBI has reported in their Annual Accounts that Specified Bank Notes (SBNs) of estimated value of Rs.15.28 lakh crore have been deposited back as on 30.6.2017. The outstanding SBNs as on 8th November, 2016 were of Rs.15.44 lakh crore value. The total currency in circulation of all denominations as on 8th November, 2016 was 17.77 lakh crore.
1:22 pm: This Government took decisions and implemented the earlier provisions of law in a well-considered and planned manner over three years to meet the objective of fight against black money. These decisions span from setting up of SIT to passing of necessary laws for foreign assets to demonetisation and to implementation of GST.
1:19 pm: Immediately after taking up responsibility in May 2014, this Government decided to fulfil the wish of the people in tackling the menace of black money by constituting SIT on black money.
Watch this video
— TIMES NOW (@TimesNow) November 7, 2017
11:16 PM: Our country is aware that how even a direction from the Supreme Court on this issue was ignored by the then Government for number of years. Another example of lack of will to fight against black money was the delay of 28 years in implementation of Benami Property Act, FM Jaitley said.
11:14 PM: We, the Indians, were forced to live with this attitude of “chalta hai” with respect to corruption and black money and the brunt of this attitude was faced particularly by the middle class and lower strata of society. It was a hidden urge of the larger section of our society for a long period to root out the curse of corruption and black money; and it was this urge which manifested in the verdict of people in May 2014, FM Jaitley said.
1:11 PM: November 8, 2016 would be remembered as a watershed moment in the history of Indian economy. This day signifies the resolve of this Government to cure the country from “dreaded disease of black money”, FM Jaitley said.
1:08 PM: Finance Minister Arun Jaitley has written a Facebook post ‘A Year After Demonetisation”.
1:05 PM: 8th November was a black day for our economy and indeed our democracy, says Former PM Manmohan Singh in Gujarat.
1:03 PM: Tomorrow we mark one year since the disastrous policy was thrust on the people of our country: Manmohan Singh in Ahmedabad.
1:00 PM: No where in the world has any nation taken such a drastic step that sweeped off 86% of the currency: Manmohan Singh
12:57 PM: I repeat what I said in the parliament, this was organised loot and legalized plunder, says Manmohan Singh
12:54 PM: PM: This twin (Demonetisation and GST) blow is complete disaster for our economy, it has broken the back of our small businesses, says Manmohan Singh
12:50 PM: We had to run for Chinese imports at the cost of Indian jobs: Manmohan Singh on Demonetisation & GST
12:46 PM: The fear of tax terrorism has eroded the confidence of Indian business to invest: Manmohan Singh
12:42 PM: In 1st half of 2016-17 India’s imports from China stood at Rs 1. 96 Lakh Crore. In 2017-18 it increased to Rs 2.41 Lakh Cr: Manmohan Singh
12:38 PM: I can proudly say that we lifted 140 million people out of poverty: Manmohan Singh
12:35 PM: Unprecedented growth of imports by over Rs 45,000 Cr, a 23% increase in a yr,can be attributed largely to demonetisation,GST, says Manmohan Singh