Fifth anniversary of Demonetisation- Economic impacts

India is observing the fifth anniversary of demonetisation on November 8, 2021. Demonetisation was announced by Prime Minister Narendra Modi in 2016. Background With this move, Rs 500 and Rs 1,000 currency notes were withdrawn as a legal tender across ..

Tags: Demonetisation • Five years of Demonetisation • Indian banknote demonetisation • UPSC

Month: Current Affairs - November, 2021

8.80 Million turns out to be ‘stop filers’ in Demonetisation year

Income Tax Returns have seen a upward surge in tax compliance aftermath of demonetisation and GST introduction. However according to a report, around 8.80 million taxpayers turned out to be ‘stop filers’ i.e. those who did not file tax returns ..

Tags: Goods and services tax • Income tax in India • Indian banknote demonetisation • Modi administration • Tax

World Bank projects India’s growth rate at 7.3% for 2019 and 7.5% for 2020

The World Bank has projected India’s growth rate at 7.3% for 2019 and 7.5% for 2020. The bank also noted that Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST). The World Bank ..

Tags: Countries • Economies • Economy of India • Goods and services tax • Indian banknote demonetisation

Month: Current Affairs - April, 2018

India’s GDP growth rate forecast for year 2018 is 7.6%

Moody’s Investors Service has recently estimated India’s GDP growth forecast for year 2018 & 2019. In it, it has kept the GDP growth forecast for India in the calendar year 2018 unchanged at 7.6 % and for 2019 at 7.5 ..

Tags: Indian banknote demonetisation • Monetary reform

CII: India’s growth rate to fall due to demonetisation

India’s economic growth is slated to fall significantly in the second half of the current fiscal due to cash crunch spread by demonetisation. The consumer goods section has also seen significant drop in sales to the tune of 20 percent. ..

Tags: Indian banknote demonetisation

India first nation to subsidize online payments

India has become the first country in the world to subsidise the use of digital cash after the government announced measures like discounts on online payments for insurance policies, rail tickets and highway toll charges and waiver for service tax ..

Tags: Cashless society • Clearing • Debit card • Digital currency • E-commerce