Page 12 - Demonetisation

Poll predicts 7.5% GDP growth in July-September quarter

Growth seen picking up from 7.1% in April-June

Huge spike in loan defaults after demonetisation, says Equitas Holdings

The delinquencies in the microfinance business of Equitas Holdings Ltd has gone up almost five percentage point post demonetisation, said the company management. The company may have to make further provisioning during the current fiscal related to the increase in delinquencies."The delinquency in microfinance used to be under one per cent consistently for many years, but in the last few months it has moved substantially up and today it is just under six per cent ," P N Vasudevan, MD and CEO , Equitas Small Finance Bank Ltd told the shareholders in the company's annual general meeting here. The delinquency level has gone up from 0.6 per cent in October 2016 to 5.9 per cent in March 2017.The collection efficiency also came down from 99.5 per cent, to 94 per cent, he added. The impact is from Maharashtra, Madhya Pradesh and Karnataka.N Rangachary, Chairman of the company during the AGM today, said that the impact was not only on Equitas, but also on other companies in the microfinance ..

Cash is still king as circulation nears pre-demonetisation level: Report

As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level

Demonetisation made our shampoo, soaps, biscuits unavailable at stores: ITC

Shareholders expressed grievances that ITC's FMCG products were difficult to locate at super stores

Not so lavish: Hotels are seeing a dip in wedding business after note ban

Not sure of demonetisation but more weddings organised at smaller scale: Chief executive officer

Demonetisation effect: Advance tax collections up 42%, returns filed up 25%

The effect of demonetisation was clearly seen in the growth of returns and taxes paid by individuals by August five, the extended deadline of filing income tax returns. The number of returns filed by this date stood at 28.3 million against 22.7 million during the corresponding period 2016-2017, registering an increase of 24.7%. The growth in the same period last year was 9.9%.The growth in returns filed by individuals is 25.3% with 27.9 million having been received upto August five against 22.3 million in the corresponding period of F.Y. 2016-2017. "This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetization," the Central Board of Direct Taxes (CBDT) said in a statement here. The effect of demonetization is also clearly visible in the growth in direct tax collections. Advance tax collections of personal income tax showed a growth of about 41.79% as on August five over the corresponding period in F.Y. 2016-2017. ...

I-T says no inconsistency in estimates of taxpayers after demonetisation

The income tax department on Friday put to rest the controversy over so-called inconsistency in the estimates of the number of taxpayers added after demonetization. The inconsistency was reported because prime minister Narendra Modi mentioned in his Independence Day speech that additional 5.6 million people filed personal income tax returns from 1st April to 5th August, 2017 compared to 2.2 million people in the same period last year, volume 2 of the Economic Survey mentioned that 5,40,000 new taxpayers were added post- demonetization and finance minister Arun Jaitley stated in May this year that 9.1 million taxpayers have been added to the tax net as a result of action taken by the Income Tax Department. Also, in a reply to unstarred question in the Rajya Sabha earlier this month, it was stated that 33,00,000 new taxpayers have been added to the tax net post demonetization.In a statement, the department clarified that there is no inconsistency in the data provided by the Government .

Demonetisation came at a huge cost for Indian economy, says Raghuram Rajan

He also added that the GDP and informal economy have both suffered due to note ban

My focus was always under-promise and over-achieve: Raghuram Rajan

Mandating Aadhaar for deposit accounts is an important step forward, said Raghuram Rajan

Demonetisation to have high short-term economic costs, Rajan warned govt

I felt there were potentially better alternatives to achieve the main goal: Rajan

India lost Rs 2.25 lakh cr in GDP to Modi's hunt for black money: Congress

He said that Modi had repeatedly made 'false statements' on the decision

Day after note ban jolt, govt steps up defence

On Twitter, #DemonetisationSuccess was top trend and almost all ministers sent out tweets under this

RBI report on demonetisation: Financial savings in insurance, shares rise

Demonetisation reduced the currency in circulation by 2.1%, but deposits rose from 4.8% to 7.3%

Govt rushes to defend demonetisation as doubts grow

Government said the number of tax returns in the year to end-March had grown 17.3%

After 'nasbandi' Indira lost; after 'notebandi' BJP will lose: Trinamool

He also accused the party of winning the election by fooling people for a short while

Demonetisation a scheme to convert black money into white? asks Chidambaram

'RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes'

Too early to call demonetisation a failure, say experts on RBI report

With almost all denotified notes returned to RBI, can we call demonetisation a success?

99% of banned notes returned after demonetisation: RBI annual report

RBI annual report says Rs 15.28 lakh cr of the junked currency came back, leaving only Rs 16,050 cr

RBI annual report: 0.76 mn pieces of counterfeit notes detected in FY17

During 2015-16, 6.32 lakh pieces of fake currency notes had been detected

Significant portion of deposited currency could be black money: Govt

Tax authorities have found undisclosed income of Rs 17,526 crore and Rs 1,003 crore has been seized