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TMS, Ep 37: 5 years of since demonetisation, Form 26AS, and blockchain tech

What do key indicators tell us about the Indian economy 5 years after demonetisation? How will tweaked Form 26AS make tax evasion harder? What is blockchain technology? Get all the answers here

Topics
Demonetisaton | Income tax | Income Tax filing

Team TMS  |  New Delhi 

It's the fifth anniversary of demonetisation today. On November 8, 2016, Prime Minister Narendra Modi had taken the country by surprise when he had announced that the Rs 500 and Rs 1,000 currency notes would no longer be legal tender. It led to a countrywide-wide rush as people lined up before banks to exchange or deposit their hard-earned money. Primarily aimed at eliminating black money, the historic event impacted the economy in several other ways too. While digital payments took off in a big way on the one hand, currency with the public is at an all-time high on the other. This report takes a look at how some of the key indicators have progressed since demonetisation. From now on, more information about your income and transactions will be uploaded in Form 26AS by the income-tax department.

So, what does that mean for you and your wallet? With the earnings season now drawing to a close, and the US Federal Reserve suggesting that it is planning to roll back its $120-billion-dollar-a-month stimulus programme started to help the pandemic-battered economy, the focus for Indian markets this week will shift to domestic triggers. However, with red flags around valuations and inflation, and gradual withdrawal of liquidity standing tall, should you start booking profit. With no clarity yet on the exact contents and also on the fate of the proposed Bill on cryptocurrency, there is one thing that the government and the RBI are sure about, the benefits of its underlying technology called blockchain. According to some reports, the proposed Bill plans to leverage blockchain. RBI Governor Shaktikanta Das has also said that the blockchain technology’s benefits should be exploited. In fact, various state governments are already using blockchain to store education and land records and even exploring its use in elections. So what exactly is Listen to these and more in today’s Business Standard Morning Show podcast.

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First Published: Mon, November 08 2021. 08:00 IST
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