Decimal Point Analytics, the Indian financial research company, in its latest opinion piece, has carried out a fact-checking on amount of unaccounted money in circulation and how the demonetization move may boost-up Indian government’s coffers.
Decimal Point’s weekly reports, covering a vast array of trending micro and macroeconomic factors, caters to investment managers by providing in-depth assessments for informed decision making.
Since the banning of high denomination currency notes on November 8th, cash surplus with the government has swelled by a whooping One Trillion INR. Such an unusual increment can be best explained by surge in tax payments, both by legitimate income holders utilizing exemption to use derecognized currency in paying taxes as well as illegal hoarders forced to disclose wealth.
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