National / World

Arun Jaitley says demonetisation increased tax base


New Delhi, Nov 9 (DC): Finance minister Arun Jaitley on Thursday staunchly defended the demonetisation drive, saying “prophets of doom” have been proven wrong as hard data of two years shows an increase in tax base, greater formalisation of the economy and India retaining the fastest growing economy tag for the fifth year in a row.

On the second anniversary of the shock note ban, Mr Jaitley wrote a Facebook blog ‘Impact of Demonetisation’, listing an 80 per cent jump in income tax return filers to 6.86 crore and increase in digital transactions and more resources being available for poor and for building better infrastructure as the main achievements.

With depositing junked currency in banks only mode left to liquidate holding of old 500 and 1,000 rupee notes, the government was able to track down people holding cash beyond their known sources of income.

“The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method,” he wrote.

Since the money came into bank accounts, the holders were forced to file income returns, which went up from 3.8 crore in May 2014 to 6.86 crore. “By the time the first five years of this government are over, we will be close to doubling the assessee base,” he said.

Responding to criticism from opposition parties, Jaitley said India clocking the fastest growth rate has proved “prophets of doom”, who had predicted that demonetisation will shave off 2 per cent of growth rate, conclusively wrong.

Opposition parties led by Congress launched a scathing attack on the government, with former Prime Minister Manmohan Singh terming demonetisation as an “ill-fated” and “ill-thought” exercise, whose “scars and wounds” are more visible on the second anniversary of the “economic misadventure”.


Comment on this article

  • Sahil, Mangaluru

    Fri, Nov 9 2018

    Demonetisation created wound on all the middle scale and low scale business sector.

    FRDI dump act killed the money inflow.

    DisAgree Agree [3] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangalore

    Fri, Nov 9 2018

    Arun Jaitley is trying to defend his action as a face saving exercise when the country know that demonetisation is a unwarranted step by the government.

    DisAgree Agree [2] Reply Report Abuse

  • geoffrey, hat hill

    Fri, Nov 9 2018

    This guy is neither tired nor ashamed of changing goalposts.

    DisAgree Agree [4] Reply Report Abuse

  • PEDDU, MANGALURU

    Fri, Nov 9 2018

    There are no scrutinizing when the selection of a important portfolio of Finance Minister and his only evaluation is how he effect to get the votes by spewing venom on public platform ! Economy GAYI TEAL LENE ! These politicians make rules and regulation to appoint a peon in the office and demanding too many requirements which one cant fulfill that in his life time ( of course you have got another option called under the table).

    Jaitely, Modi whatever you do to cover yourself its already exposed because general public much educated thru the MEDIUM called internet ! Gone are those days only depending on RADIO and Newspapers !

    DisAgree Agree [4] Reply Report Abuse

  • Francis dsouza, Udupi

    Fri, Nov 9 2018

    I agree that tax levels are increased because of middle class people,but not because of higher level people they made their black money white more than tax collected from Middle class people,I have not seen any minister came on line to draw money from bank during demonetization.

    DisAgree Agree [3] Reply Report Abuse

  • Roshan, Mangaluru

    Fri, Nov 9 2018

    Jaitley better sticks to his lawyer profession where is largely defends defaulters in the court of law. He is incompetent and incapable to handle economy.

    The defense what he pleads each time after a blunder is good for a lawyer but not for indian economy.

    Defending a rape criminal lawyers try to plead that victim bought it on themselves and his client is innocent. Lawyer jaitley is doing the same with indian economy where the circumstances created by Modi led BJP and indian economy became scapegoat of greed.

    DisAgree Agree [6] Reply Report Abuse

  • Alwyn, Mangalore

    Fri, Nov 9 2018

    Crow is always black how much it's trying to sing well.

    DisAgree Agree [5] Reply Report Abuse

  • Fayaz, Mangalore /Dubai

    Fri, Nov 9 2018

    All the tax money went to bjpee politicians account
    And remaning to Ambani and adani account
    And bhakths got 0 after supporting still waiting for vikas bai
    And ACCH din

    DisAgree Agree [6] Reply Report Abuse

  • mohan, Mangalore

    Fri, Nov 9 2018

    So government is getting more revenue..... also GST giving more revenue.... then where the money going..... there no developments....no job creation....
    And still government asking 3.5 lack crore from RBI..... for what.... ???

    DisAgree Agree [13] Reply Report Abuse

  • Sandesh Kanchan, Mangalore

    Fri, Nov 9 2018

    The money is going into building statues and funding Feku Maharaaj's unending foreign joyrides!!!!

    DisAgree Agree [4] Reply Report Abuse

  • Indian, National

    Fri, Nov 9 2018

    JOOTLY.....JOOT BOLE KAVVA KAATE

    DisAgree Agree [9] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Fri, Nov 9 2018

    Tax payers gone up, revenue gone up, gst brought more money. Then why do you meddle with RBI for 3.6 lakh crores ?

    DisAgree Agree [8] Reply Report Abuse

  • Observer, Mangaluru

    Fri, Nov 9 2018

    AURR :

    NAQLI NOTES ME, ATANKWADI, NAXALWADI GHATNA ME, UN EMPLOYMENT ME VRADDHI.

    CHOTE YAPARIYAON KA DIWALA.

    DESH KI ARTHA VYAVASTHA UTTTAL PUTTAL .

    DisAgree Agree [4] Reply Report Abuse

  • Deshpremi, Mangalore

    Fri, Nov 9 2018

    The Nation and the patriot Indians experienced as a Idiot of Indian history.
    The fellow still with One eye experience.
    What about the wealth earned by bjp presidents son and family.
    From where and how still no comments from Jaitley or by mouna Modi.
    All mili bagaths are collapsed our country economy
    Now where is our currency stands if there is a economy growth then how the currency rate became weak.
    No knowledge but ministeral post sign of Desh Ki Barbaad.

    DisAgree [1] Agree [11] Reply Report Abuse

  • Sandesh Kanchan, Mangalore

    Fri, Nov 9 2018

    Alas, Andh Bhakts will not realise the mess the Chowkidaar, Tadipaar and the DDCA scamster have led the country into. When uneducated jokers are handed the reigns of the country, this is the result.

    DisAgree Agree [7] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Nov 9 2018

    Because of Demonetization we lost over 100 lives & half of India became Jobless ...

    DisAgree Agree [15] Reply Report Abuse

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