Digital transaction idea not a success, says Kerala FM TM Thomas Isaac

By: |
March 22, 2018 6:52 PM

The digital transaction idea mooted by the Centre after demonetisation of notes was not a success and more currency was in circulation now than previously, Kerala Finance Minister T M Thomas Isaac said here.

thomas isaac, digital transaction, demonetisation, notebanTo a question, he said the tax department would be restructured by strengthening the Enforcement Intelligence Wing.

The digital transaction idea mooted by the Centre after demonetisation of notes was not a success and more currency was in circulation now than previously, Kerala Finance Minister T M Thomas Isaac said here. Though growth was registered in digital transaction in the early days of post demonetisation of Rs 500 and Rs 1000 notes, it came down later, Isaac told the assembly during question hour. The note ban has adversely affected the unorganised and construction sectors. About two lakh small-scale industries were shut and nearly 10 lakh people rendered jobless all over the country due to demonetisation, he said. To a question, he said the tax department would be restructured by strengthening the Enforcement Intelligence Wing.

The state has not been able to achieve the expected growth of revenue from GST, he said. With the merger of SBT with SBI, the opportunities of getting loan has come down, he said, adding, that was why the the state was planning to set up a ‘Kerala Bank.’

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1New structure: Bharti does a Jio, gives digital primacy
2Monsoon session: Govt to amend key PSB privatisation laws
3Openreach selects Sterlite Tech as strategic partner for full-fibre network in UK