Question

Impact of demonetisation on business environment 2

Answer 1

In a grand move that has taken the country by surprise. The scrapping of high value notes to curb black money circulation in the economy is seen as a major step to reduce corruption & poverty as quoted by Prime Minister Narendra Modi.

The issue of black money in the past has been in debate vehemently during a number of elections, mostly pointing towards the cash stacks hidden in Switzerland & other foreign countries. However, in the recent past, the focus on the same closer home has helped the government raise nearly $10 billion through a tax amnesty for Indians to declare hidden income and assets.