Demonetisation
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Fortnightly Newsletter Volume 02 Issue 10 16th November 2017 The day made history BLACKMONEY FORMALIZATION GLOBALFDITRANSPARENCY POS BHIMINSURANCE INTERESTGROWTHINVESTMENT HEALTH MOBILEWALLETS SYSTEMGST LUCKYGRAHAK BUDGET LICRUPAY SAVING PROGRESS DIGITIZATION REAL ESTATEEMPLOYMENT CORRUPTION FRAUD GLOBAL DEMONETISATIONSAVINGSYSTEM DIGIDHANRBI EXTREMISM ECONOMY RUPAYBUSINESS AWARE LIC DIGITAL FRAUDBENAAMI ACCOUNTABILITYTERRORISM CORRUPTION UP KASHMIR INTERESTHOPE DIGITAL INDIA INFRASTRUCTUREBANK LANGUAGE LEFTWING HINDI SYSTEM HEALTHEPFO 8 NOVDIGITAL PAYMENTS EASY PAY HARD HIGHSHELLCOMPANIESWORK SHOPJANBHAGIDARI NEWS DEBIT CARDS PROFIT FRAUD FAMILIESESICNAXALISM AADHAR FORMALIZATIONONLINE MUTUALFUNDSEQUALITY EXTREMISM BUDGET MAKE ONLINEPENSIONDIGITAL COUNTERFEIT PEACE CLEAN JUSTICE CLEANSINGPUBLIC CONTRARY AFFORDABILITYTOTAL TRANSPARENCY E-GOVERNANCE BUILDING GREEN CLEAN INDIA HOMELOANSSOLUTIONS COUNTERFEITGOODGOVERNANCE ACHIEVE EASY PAYMENTGOAL IMPLEMENT POTENTIAL LAUNCHED CONNECTIVITY RESPONSIBILITIES NATION ACHIEVE Special FOCUS There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development. Prime Minister Narendra Modi on 8th November 2016 The nation led by its Prime Minister, Shri Narendra Modi took a bold decision to eradicate the menace of black money from the Indian economic ecosystem by embracing one of the boldest decisions by a government post independence- Demonetisation. One year after this move, here is a review of this unprecedented initiative and its effects across sectors. Battling the menace of black money Post demonetization, cash deposits saw an unprecedented surge which left behind a trail of The fight against black money unaccounted cash. As many as 17.73 lakh suspicious 17.73 lakh suspicious cases identified cases were identified where cash deposits didn’t match the tax profile. There was also a surge in Rs 3.68 lakh Crore in 23.22 lakh bank suspicious transactions which were reported by accounts identified banks and FIs. The move also led to a drastic decrease in high denomination notes by almost 4.7 lakh+ cases identified by Banks & FIs 50%. The innumerable cases of false registrations and unaccounted property came to light with HDN brought down by Rs 6 lakh crores Benami assets worth Rs 1626 crore seized. *HDN- High denomination notes Digital payments – India’s new currency In August 2017, the number of digital transactions stood at 138 Cr against 87 Crore in August 2016, registering an increase of 58%. While India had a total of 15.11 lakh Surge in Digital Payments POS Machines from the time their use AUG 2016 87 Crore started, more than 13 lakh POS machines were added in 1 year. AUG 2017 138 Crore With over 800 million debit cards and over Debit Card Transactions 30 million credit cards in the market, almost every household in India has access to a AUG 2016 13.05 digital form of payment. Several modes of AUG 2017 26.55 payments such as BHIM, UPI , USSD , AEPS etc saw increased usage from citizens Mobile Wallets Transactions showing India’s support towards the move. AUG 2016 7.07 AUG 2017 22.54 Dial 1922 to give suggestions for Page 2 of12 Mann ki Baat www.mygov.in Lis'ky Qksdl ns'k ds bfrgkl esa ,sls {k.k vkrs gSa tc ns'k ds fodkl ds fy, ,d etcwr vkSj fu.kkZ;d dne dh vko';drk eglwl gksrh gSA dbZ lkyksa ls Hkz"Vkpkj] dkys /ku vkSj vkradokn tSls nhed rsth ls c<+ jgs gSa vkSj ;s gesa fodkl dh nkSM+ esa ihNs /kdsy dj jgs gSaA ç/kkuea=h ujsaæ eksnh 8 uoacj] 2016 ns'k dh vFkZO;oLFkk dks dkys /ku dh leL;k ls eqä djkus gsrq ç/kku ea=h ujsUæ eksnh ds usr`Ro esa vktknh ds ckn ljdkj }kjk fy, x, vc rd ds lcls lkgfld fu.kZ;ksa esa ls ,d fu.kZ; foeqæhdj.k dk gSA bl mYys[kuh; QSlys ds ,d lky ckn fofHkUu {ks=ksa ij blds çHkko bl çdkj gSaA dkys /ku ds f[kykQ eqfge foeqæhdj.k ds ckn tek jde dh la[;k esa vHkwriwoZ o`f) ns[kh dkys /ku ds f[kykQ yM+kbZ xbZ tks csfglkc udnh ls dgha T;knk FkhA djhc 17-73 yk[k lafnX/k ekeyksa dh igpku dh xbZ tgk¡ dS'k ysu&nsu] iSu dkMZ 17-73 yk[k lafnX/k ekeyksa dh igpku /kkjdksa ds VSDl çksQkby ls esy ugha [kk jgh FkhA cSadksa vkSj 23-22 yk[k cSad [kkrksa esa 3-68 yk[k djksM+ foÙkh; laLFkkvksa ds fjiksVZ ds eqrkfcd bl nkSjku lafnX/k ysu&nsu #i;s dh igpku esa Hkh o`f) gqbZ FkhA uksVcanh ds dne ls mPp ewY; okys uksVksa cSadksa vkSj foÙkh; laLFkkvksa }kjk 4-7 yk[k esa yxHkx 50% rd Hkkjh deh vkbZA xyr iathdj.k vkSj ls vf/kd ekeyksa dh igpku csfglkc laifÙk;ksa ds vla[; ekeyksa dk inkZQk'k gqvk vkSj mPp ewY; ds uksV [kRe fd, tkus ls yk[k djksM+ #i;s dh 1626 djksM+ #i;s dh csukeh ifjlaifÙk;ka tCr dh xbZA deh dh gS & mPp ewY; ds uksVksa dh la[;k esa 50% deh vkus ls Hkz"Vkpkj vkSj vkradokfn;ksa dh QafMax ij yxke yxhA * ,pMh,u& mPp ewY; ds uksV fMftVy Hkqxrku & Hkkjr dh ubZ eqæk vxLr 2017 esa 138 djksM+ fMftVy ysu&nsu gq, tcfd vxLr 2016 esa fMftVy ysu&nsu dh la[;k egt 87 djksM+ Fkh] bl rjg fMftVy ysu&nsu dh la[;k esa 58 çfr'kr dh c<+ksrjh ntZ dh xbZ gSA foeqæhdj.k ls igys rd dkMZ ds tfj, Hkqxrku gsrq fMftVy Hkqxrku esa tcnZLr mNky flQZ 15-11 yk[k ihvks,l e'khusa pyu esa Fkh tcfd vxLr 2016 87 djksM+ vxLr 2017 esa bldh la[;k c<+dj 28-82 yk[k vxLr 2017 138 करोड़ gks xbZA uksVcanh ds ckn flQZ ,d lky esa 13 yk[k ls vf/kd ihvks,l e'khusa vkSj tqM+ xbZA MsfcV dkMZ ds tfj, ysu&nsu 800 djksM+ ls vf/kd MsfcV dkMZ vkSj 3 djksM+ ls vxLr 2016 13-05 vf/kd ØsfMV dkMZ ds lkFk Hkkjr ds yxHkx gj ?kj vxLr 2017 26-55 rd fMftVy Hkqxrku dh igqap gks xbZ gSA eksckby o‚ysV ds tfj, ysu&nsu Hkhe] ;wihvkbZ] ;w,l,lMh] ,bZih,l vkfn tSls Hkqxrku ds fofHkUu rjhds dk mi;ksx dj ukxfjdksa vxLr 2016 7-07 us bl vHkwriwoZ dne ds çfr viuk iwjk ;ksxnku vkSj vxLr 2017 22-54 lg;ksx fn;k gSA Dial 1922 to give suggestions for Page 3 of 12 Mann ki Baat www.mygov.in Crackdown on Shell Companies The government conducted a ‘surgical strike’ on shell companies, striking off 2.24 lakh bogus institutions. This issue of shell companies in huge numbers and unaccounted hawala transactions have been hampering the Indian economy and Busting Bogus Businesses acted as defaulters promoting tax evasion. These shell companies acted as fortresses of black money 2,24,000 inactive companies shut down by operating hundreds of accounts per organization and executed unlimited unaccounted transactions. Rs 1,626 crore worth Benami assets seized Based on the information from the banks, about 58,000 bank accounts belonging to 35,000 Rs 29,213 crore undisclosed income companies has revealed that Rs. 17,000 Crore was identified deposited and withdrawn from these companies after demonetization. A complete crackdown on these bogus institutions is a step towards cleansing the financial system, courtesy demonetization. Uncovering Fake Currency Notes There has been a significant increase in the rate of fake currency note detection and number of suspicious transactions filed, reveals the Reserve Bank of India’s Annual Report for fiscal 2016-17. Counterfeit Notes The counterfeit data reported 7,62,000 fake currency notes, an increase of 20.4% since last 7,62,000 pieces of fake notes were financial year. Among these, majority of the detected in the banking system last fiscal counterfeit notes have been of Rs 500 (MG series) and Rs 1000, 41% and 33 % respectively. Majority counterfeit notes of Rs 500 and Rs 1000 Real estate prices declined Steep Decline in Real Estate Prices significantly The Real estate sector has been prone to many unaccountable transactions and has led to a Home buyers get a 3 way corrupt system. Demonetisation brought a benefit with real estate price transparent, accountable system where it was decrease, interest subvention tricky to invest unaccounted money in real estate. under PM Awas Yojana and EMIs The reduction in real estate resulted in a decrease decreasing due to rate-cuts. of cash transactions. As property rates came down and stabilized the markets, owning a home is no longer a distant dream for the middle class under *PMAY- Pradhan Mantri Awas Yojana PMAY. 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