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Real Impact of Demonetization on Various Sectors of Indian Economy and Society’: Post Demonetisation Impact on Economy

Real Impact of Demonetization on Various Sectors of Indian Economy and Society’: Post Demonetisation Impact on Economy Kindle Edition(Publication Date: June 1, 2017;Sold by: Amazon Digital Services LLC;Language: English;ASIN: B071JD8675)-by ajit roy (Author, Editor)
  • June 2017
  • Edition: 1
  • Publisher: Amazon Kindle Platform
  • Editor: ajit roy
  • ISBN: ASIN: B071JD8675
  • Ajit kumar RoyAjit kumar Roy
    •                                            Abstract and figures
      Demonetisation announced on November 8, 2016 was aimed at addressing corruption, black money, counterfeit currency and terror financing. Although demonetisation holds huge potential benefits in the medium to long-term, given the scale of operation, it was expected to cause transient disruption in economic activity. Many analysts expected large negative effects on private consumption and investment and thereby the Indian economy. But the financial figures of the last quarter give the answer as follows.  According to the report, “post demonetisation (i.e. after 30th December), cash withdrawals have been declining rapidly from a peak of Rs 528 billion for the week ended 13th January to Rs 325 billion recently (week ended 24th March).  Demonetisation has not affected the growth of the country as Industrial output growth reveals that the Industrial output growth has risen to a 13-month high of 5.7% in November while retail inflation slowed to a 25-month low in December.  According to RBI, Country’s foreign exchange reserves surged for the second consecutive week by $932.4 million to $360.775 billion in the week to January 20 on account of rise in foreign currency assets.  The rupee hit a 16-month peak against the dollar to INR 65.41 per dollar  The number of persons under the income tax net has increased by 91 lakh post note ban as unaccounted cash lost anonymity.  Launched a new website on 'Operation Clean Money,' a programme to bring illegal wealth on books.  According to the Union Finance Ministry, the CBDT has detected undisclosed income of over Rs 9,334 crores between November 9, 2016, and February 28, 2017.  Under Operation Clean Money (OCM), more than 60,000 persons, including 1,300 high-risk persons, have been identified for investigation into claims of excessive cash sales after demonetisation was announced.  Continuing its efforts to track tax evaders by tracing high-value transactions, the income tax department will issue 700,000 letters seeking information about such transactions.  The latest data release, however, shows that the Indian economy grew by 7% (year-on-year) in the fourth quarter of 2016(6.1% for Jan.-March,2017).  The real estate sector seems to have taken a hit in the fourth quarter, but this was largely counterbalanced by a strong contribution of the agricultural sector and manufacturing.  The purchasing managers’ index (PMI) shows a large rebound, indicating the worst of the demonetization may already lie behind us.  Shell companies provided a strong support system for black money after demonetization are in the process of identification and tax net facilitating income tax collections to fund infrastructure growth and development.  The income tax (I-T) department has begun its second phase of "Operation Black Money", across the country.  CBDT stated that more than 6000 transactions of high value property purchases shall be subjected to detailed investigations.  More than 30 government-to-business services have been brought online, with e-filing, single-windows and automation being rolled out.  Foreign direct investment (FDI) into India increased by 9 per cent to a record level of $43.48 billion in 2016-17 The book entitled ‘Real Impact of Demonetization on Various Sectors of Indian Economy and Society’ covers nine key topics that are essential to assess the impact of demonetizationand its short, medium and long time economic, social and political impact in India. Ch-1: Demonetisation and Remonetisation; Ch-2: Demonetization and Indian Budget 2017; Ch-3: GDP Projection’s Ch-4: Impact on Tax Collation; Ch-5: Impact on Cashless Economy; Ch-6: Impact of Demonetisation on Agriculture; Ch-7: Impact on Economy; Ch-8: Political Impact and Ch-9: Impact on Society The goal of this book is to present simple informative facts and figures based on carefully chosen topics from secondary authentic sources to depict real impact of demonetization on various sectors of Indian economy.

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