Benefits of Demonetization
8th November 2016 was the day last year when the entire country was seeing a very bold step by any of the Prime Minister till date. Yes you guessed it right!!! We are seeing the 1 st anniversary of iconic decision called Demonetization. A year has gone by since the decision on demonetization was made. Prime Minister Narendra Modi announced on November 8 2016 in an address to the nation that the Rs 500 and 1,000 notes would no longer be legal tender. Let’s look at some of the benefits. The Prime Minister's Office has provided some data to show the benefits of this decision which is probably one of the biggest since independence. 1. Highest ever black money unearthed India unearthed its highest ever black money which values of lakhs of crores. Above picture represents various areas from where the black money was brought back into the main stream economy 2. Unprecedented increase in tax compliance The number of new tax payers shot up 66....