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Benami assets worth Rs 6,900 cr. and foreign assets worth Rs 1,600 cr. have been attached. As many as 3.38 lac shell companies have been detected and de-registered, and their directors disqualified.#Demonetization #DemonetizationSuccess
Objective II) Eliminate Fake Indian Currency Notes (FICN) : Counterfeit (Fake) Currency Notes have been reduced by 81% post Demonetization i.e 43.47 cr. in 2016-17 to 8.24 cr. in 2018-19 as per RBI data.#Demonetization #DemonetizationSuccess
Objective III) To strike at the root of financing of terrorism and left wing extremism : 44 districts eliminated from list of Maoist-hit areas. Several Urban Maoists arrested due to terror financing.#Demonetization #DemonetizationSuccess
Objective IV) To convert non-formal economy into a Formal Economy to expand Tax Base and employment, 56 lac New Taxpayers Added post Demo. There was 18% growth in direct tax in 2017-18 and increase in tax base by 1.06 crore people filing ITR for the first time in FY17-18.
More than 1 crore workers added to EPF & ESIC immediately after Demonetization. Over ~2.5 crore jobs generated as per EPFO estimates post 2016.#Demonetization #DemonetizationSuccess
Objective V) To give a big boost to Digitalization of payments to make India a less cash economy : Digital Translations have increased by 326% by volume & by 81% by value on the monthly basis post 2015-2016 FY till Sep 2029 as per NPCI data.#DemonetizationSuccess
Moving average of 'Currency to GDP Ratio' remained 12.03% since 2004-05 to 2015-16, post Demonetization this ratio have came down to average 9.68% in last 3 FY.#Demonetization #DemonetizationSuccess
