The 125 crore people of the country knew that soft decisions in economic policies aimed at winning polls would not do the country any good, he said.
The Income Tax returns filed after November 8 last year were scrutinised against their earlier tax compliance following which these cases were detected.
In its submission before the Supreme Court of India, the government stated, on 23 July 2017, that it had uncovered undisclosed income o Rs.71,941 crore during the three years ranging from 2014-15 to 2016-17.
Post demonetisation, there has been a visible channelising of money towards financial assets like insurance and mutual funds. That is the word coming in from Reserve Bank of India’s (RBI) Deputy Governor Viral Acharya. Speaking at the Delhi Economics Conclave, he added that there has been a non-linear shift since November last year.
Thackeray, whose party is a constituent of the BJP-led NDA government at the Centre and in Maharashtra, said reforms are a must, "but one should pause" to review their impact.
Cash payments for cancelled demand drafts of below Rs 50,000 under watch; suspicious bank activity probe widened to 7 months before demonetisation
Without giving any firm answer to a question whether he supported demonetisation or had expressed his reservations, the chief economic adviser said: "Why do you want to deprive my memoir of commercial value?"
"The notes in circulation as on June 23, 2017 stood at Rs 15,074.43 billion as against Rs 17,540.22 billion as on October 28, 2016," Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.
Informed sources said that though the pink-coloured notes will not be demonetised, their usage will gradually be brought down with printing of more Rs 500 and Rs 100 notes.
The Standing Committee on Finance, headed by former senior Congress leader M Veerappa Moily, is planning to submit its report to Parliament during the ongoing Monsoon Session.
A bench headed by Justice Dipak Misra said that it would look into the plea after a batch of pending pleas on the issue of demonetisation were disposed of by a bench headed by Chief Justice J S Khehar.
This is probably for the first time, RBI in its Weekly Statistical Supplement has not come out with the figures for the week ended June 30.
Apart from two private sector banks reporting their financial results, resolution of NPAs in the insolvency courts met with a lot of action during the week with Essar Steel in focus for future course of action for other stressed companies.
Urjit Patel had said to the committee that the RBI is yet to find the exact amount of the demonetized currency and is still in the process of counting them.
The current deflation in food prices appears structurally different from earlier glut years. Demonetisation may have weakened farmers’ elbow room to negotiate better prices with wholesalers offering a “take or leave it” offer in mandis
Homebuyers wanting to purchase a house immediately should go in for projects that have received an occupation certificate or one that is expected to get permission soon.
With the implementation of RERA, the number of new launches across all cities will reduce as only those developers confident of meeting timelines will undertake new projects, says the CII-JLL India report.
The Centre is likely to tell Supreme Court that allowing people to deposit demonetised currency would defeat the purpose of radical reform like demonetisation.
According to a report by BMI Research, India's growth is expected to pick up following the negative ramifications from the demonetisation drive in November 2016, but weak public banks will likely cap the recovery.
The consumption story for India looks intact, consumers are feeling good, said Consumer Economy Expert, Rama Bijapurkar.
A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud asked Solicitor General Ranjit Kumar, representing the Centre, to take instructions on the issue.
The spurt, over 2015-16, came in the financial year during which the government demonetised high value currency. The volume of overall digital payments, Watal further said, recorded a compounded average annual growth rate of 28 per cent from 2011-12 to 2015-16.
Speaking to reporters here, Prakash said, "Implementing GST on the directions of foreign consultants will have negative impact on small and medium enterprises."
"Our BofAML liquidity model forecasts that loan growth will pick up to 15 per cent from 9.1 per cent in 2016-17 as the demonetisation shock works itself out," BofAML said in a note.
Jain is one of millions of small business owners who face wrenching change from India's biggest tax reform since independence that will unify the country's $2 trillion economy and 1.3 billion people into a common market.