"Demonetisation was a successful political coup which was heavily applauded by a majority of the Indian people. The government showed it was serious about corruption," Sorman told PTI in an interview.
According to a report by Fitch, which looks into Indian ABS transactions rated by the agency: "Average collections, as a percentage of investor payouts, were higher in February 2017 than October 2016 and February 2016 by 350 basis points (bp) and 60 bp respectively, reflecting a return to normalcy for the pools and underlying borrowers".
According to the research firm GFMS, smuggled gold supply had fallen between November 2016 and mid-March 2017.
Speaking after inaugurating a workshop for beneficiaries of ‘Pradhan Mantri Mudra Yojana’ and Start Up initiatives at Sahyadri college at Adyar near here, the Minister of State for Finance and Corporate Affairs said demonetisation had helped improve the GDP of the country despite apprehensions to the contrary from certain quarters.
According to an official data released by Tourism Australia, the number of Indian tourist arrivals in Australia for December 2016 stood at 29,500 as compared to 26,100 in the similar period previous year.
It has been three years after the election victory and Finance Minister, Arun Jaitley and the tax department revealed crucial details on tax collections and suspected undisclosed income after the demonetisation. Watch accompanying videos for more details.
Live updates as Finance Minister Arun Jaitley addresses a press conference on Operation Black Money.
Since the start of the calendar year the rupee has gained nearly 6 percent against the dollar and 2 percent against emerging market currencies, largely on account of glad tidings on the economy and political fronts. Post demonetisation, it has gained from a strong showing by the BJP in the U.P. election and from parliament clearing hurdles for a GST launch. Crude oil prices continue to remain range-bound, with the OPEC nations curtailing oil production.
The World Silver Survey 2017, released by the Silver Institute and produced on its behalf by the GFMS Team at Thomson Reuters (GFMS), said that global silver mine production in 2016 recorded its first decline since 2002, dropping by 0. 6 per cent in 2016 to a total of 885.8 million ounces (Moz).
In an attempt to help banks, especially public sector banks (PSBs) recognise the ashes of high level of non-performing assets (NPAs) and rise like a phoenix, in December 2015, the Reserve Bank of India under the leadership of former Governor Raghuram Rajan, asked banks to set aside a pool of funds in the form of provisioning towards sub-standard assets. This further dented the banks’ balance sheets.
The Reserve Bank of India (RBI) was asked to provide a copy of the minutes of the meetings held in its office during which the decision to demonetise Rs 500 and Rs 1,000 notes was taken.
"Six months after demonetisation, corruption, black money and terrorism - three claims Modi made of having ended - flourish at an even stronger pace," the Communist Party of India (Marxist) leader said on social networks.
The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease, the International Monetary Fund said in its regional economic outlook.
In November 2016, the government junked 500 and 1,000 rupee notes, which made up 86.4 per cent of the country's circulating currency.
A 1,000 page study on unaccounted incomes in India by the think-tank National Institute of Public Finance and Policy (NIPFA) suggests a few measures that the government can implement to eliminate black money.
"Post-demonetisation and GST regime, India's revenue receipts are likely to touch Rs 28-30 lakh crore in the next two years coupled with steps to strengthen infrastructure," Gadkari said.
As part of its initiative to meet the currency shortage in the state treasuries, government had deposited collections totalling about Rs 74.12 crore from beverages corporation, Rs 339.66 crore from KSEB and Rs 102.80 crore from lottery department till Apr 28 last, he said.
The company had posted a net profit of Rs 108.96 crore for the corresponding period of the previous fiscal, Ajanta Pharma said in a filing to BSE.
Ahead of its 50th annual meeting to be attended by finance minister and central bank governors of member nations, the multilateral agency's Chief Economist Yasuyuki Sawada said the reforms like the Goods and Services Tax (GST) and the new bankruptcy law will make it easier to do business in India.
Two government officials privy of the development have told the Economic Times that an additional 95 lakh people have filed for tax returns.
Finance Minister Arun Jaitley said that the government's move to do away with 86% of the currency last November had not triggered a slowdown and agriculture sowing had in fact increased.
Appreciating the rural masses for being flexible in adapting to technologies, the Finance Minister said, "One great advantage of this whole exercise (demonetisation) was the movement towards digitisation. And movement towards digitisation itself has created newer technologies, newer form of electronic modes of payments."
According to the Japanese financial services major, the country is going to see gradual recovery from demonetisation, led by exports and a remonetisation-led pick-up in urban consumption and transportation services.