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Modi's 'surgical strike' on black money

Graphic News/India
Filed on November 23, 2016 | Last updated on November 23, 2016 at 09.56 am
Modis surgical strike on black money

Graphic shows facts and figures about the black economy in India.

Indians have returned $80 billion worth of high-value currency notes -†500 rupees and 1,000 rupees-since Prime Minister Narendra Modi banned their use as part of a crackdown on corruption and tax evasion.

Modi's election in May 2014 signalled a new era for India's black economy. The administration enacted regulations in December 2015 that required buyers to furnish identity numbers when purchasing real estate or large quantities of gold - preferred parking places for vast amounts of black cash.

MUST READ: All you need to know about Rs 500/1000 exchange

In 2015, Finance Minister Arun Jaitley estimated that Indian households had amassed some 20,000 metric tonnes of gold in jewellery, coins and bars.

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The government then announced a tax amnesty in the 2016-17 Union Budget. The four-month Income Declaration Scheme drew in $10 billion in undisclosed income and raised $4.5bn in tax revenues.

What you can still buy with Rs 500, 1,000 notes

A good start but just drop in the ocean for India's shadow economy, worth an estimated $460 billion.

Modi's 'surgical strike' on black money (KT93521123.JPG)





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