A sudden news was announced on 8th of November night where all the high-value currency notes were tendered illegal giving away a blow to all the black money hoarders. The time limit has been granted to all the general public to exchange their preserved currency through any bank. The finance minister Arun Jaitley pointed to all those black money occupants who are stealing the growth of the economy. The limit of 2.5 lakh has been set for the common people while the figure going above the mentioned statistics will be investigated as per the norms of income tax.
In a reformative step taken by the government to curb black money from the nationwide spread market in which unorganized currency was circulated in every sector. Former World Bank Chief Economist Kaushik Basu mentioned that “Modi government’s decision to demonetize high denomination currency notes is not ‘good economics’ and the collateral damage of demonetization is likely to far outstrip the benefits.”
“GST was good economics; the demonetization is not. Its economics is complex and the collateral damage is likely to far outstrip the benefits,” Basu, who was also Chief Economic Advisor in the Ministry of Finance,” he added . In between Finance Minister also said that “Centre is making all efforts to build consensus on sticky issues, especially on the jurisdiction of assessees, to ensure GST roll out from April 1, 2017.”
