GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Demonetisation Part of Govt's Drive Against Black Money: Bibek Debroy

Referring to cash economy, he said around 2000-01, India's Cash to GDP ratio was 9-10 percent, which recently shot up to 13 percent.

PTI

Updated:November 3, 2017, 11:38 PM IST
facebookTwittergoogleskypewhatsapp
Demonetisation Part of Govt's Drive Against Black Money: Bibek Debroy
PM's Economic Advisory Council chief Bibek Debroy.
Loading...
New Delhi: Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), on Friday said demonetisation should be seen as part of government's drive against black money and not in isolation.

Speaking at an event to launch of book 'Black Money and Tax Havens' by Prof R Vaidyanathan, Debroy said the government had earlier come out with black money declaration scheme, which yielded only Rs 6,500 crore.

Referring to cash economy, he said around 2000-01, India's Cash to GDP ratio was 9-10 percent, which recently shot up to 13 percent.

"There was excessive use of cash that is why cash to GDP ratio went up," he said.

The government's decision to demonetise old high value currency notes on November 8, 2016 should not be viewed in isolation, it was a part of broader set of measures, Debory said.

"Almost entire amount of demonetised currency come back into the banking system because people realised that threat is credible. War against black money was necessary," he added.

As per the Reserve Bank, as much as 99 per cent of the junked Rs 500 and Rs 1,000 notes returned to the banking system.

RBI's Annual Report for 2016-17 revealed that Rs 15.28 lakh crore of the junked currency had come back into the banking system, leaving only Rs 16,050 crore out.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,101.30 -4.34
Indiabulls Hsg 653.80 -17.10
Dewan Housing 210.55 -10.75
Yes Bank 217.90 -6.04
Bajaj Finance 2,140.50 -0.47
Company Price Change %Gain
Sudarshan Chem 385.05 2.64
Indiabulls Hsg 654.25 -17.06
Reliance 1,101.65 -4.11
Dewan Housing 211.80 -10.37
Yes Bank 217.70 -6.06
Top Gainers
Company Price Change %Gain
ITC 289.45 1.05
HUL 1,578.40 1.05
Kotak Mahindra 1,198.95 1.95
HPCL 215.90 4.15
Wipro 323.15 0.00
Company Price Change %Gain
Sun Pharma 608.40 2.52
Kotak Mahindra 1,199.55 1.83
Vedanta 211.15 1.51
HUL 1,579.20 1.16
ITC 288.45 0.73
Top Losers
Company Price Change %Gain
Indiabulls Hsg 653.80 -17.10
Yes Bank 217.90 -6.04
Bajaj Finance 2,140.50 -0.47
Hero Motocorp 2,712.75 -3.38
BPCL 283.55 -0.56
Company Price Change %Gain
Yes Bank 217.70 -6.06
HDFC 1,661.30 -4.32
Reliance 1,101.65 -4.11
Hero Motocorp 2,711.00 -3.70
Infosys 682.60 -3.11

Live TV

Loading...
Loading...