Dinakar Lanka, BJP Political Feedback Pramukh about Supreme Court verdict on Demonetization
NewsBharati 02-Jan-2023 16:22:40 PM
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The decision of the Supreme Court upholding Demonetization means the Objectives of it for the future of the Nation for Security and flourish the Economy for more accounted transactions. Today Honourable Supreme Court has expressed its view in favor of the Union Government's decision for the Demonetization of Rs 500 and 1000 notes invalid as legal tender in the year with specific objectives.
The primary objective was, Removal of Fake and Counterfeit Currency to curtail anti-National terrorist activities. Apart from this, people accustom to more digital transactions to remove pressure on banks and ATMs for small transactions and increase the digital transaction at the point of transaction itself on their own by the bank account holder.
As Union Government said that demonetization led to several benefits such as a reduction of fake currency notes, an increase in digital transactions, and increased detection of unaccounted income. The volume of digital payment transactions increased manifold from 1.09 lakh transactions with a value of Rs 6952 crores in 2016 to 730 crore transactions a value of more than Rs 12 lakh crores in the single month of October 2022.
The overall impact of demonetization on economic growth was transient, with real growth rate being 8.2 % in FY 16-17 and 6.8% in FY 17-18, both being more than the decadal growth rate of 6.6% in the pre-pandemic years"
Several decisions have been taken by the Union Government Post Demonetisation as continuous measures, such as the Abrogation of Article 35A to scrap Article 370 in Jammu and Kashmir without more violence being fake and counterfeit currency controlled due to Demonetization. In addition to it, now RBI has released Rupee as Digital Currency with end-to-end encryption for international transactions after success in Digital Transactions, which is recorded as world's highest number of transactions.
Today, GST collections have been recorded more than 1.40 Lack Crore for the last 10 months and heading towards 1.50 Lack collection per month and a huge number of new IT Returns have been filed since Demonetization and personal and corporate income tax collections have been showcasing positive results of our Economy with sustainable growth at 7% When the entire world has been registered their economy as a slowdown. These are all happening even post Covid19 adverse impact on Economy due to reforms post Demonetisation.
The primary objective was, Removal of Fake and Counterfeit Currency to curtail anti-National terrorist activities. Apart from this, people accustom to more digital transactions to remove pressure on banks and ATMs for small transactions and increase the digital transaction at the point of transaction itself on their own by the bank account holder.
As Union Government said that demonetization led to several benefits such as a reduction of fake currency notes, an increase in digital transactions, and increased detection of unaccounted income. The volume of digital payment transactions increased manifold from 1.09 lakh transactions with a value of Rs 6952 crores in 2016 to 730 crore transactions a value of more than Rs 12 lakh crores in the single month of October 2022.
The overall impact of demonetization on economic growth was transient, with real growth rate being 8.2 % in FY 16-17 and 6.8% in FY 17-18, both being more than the decadal growth rate of 6.6% in the pre-pandemic years"
Several decisions have been taken by the Union Government Post Demonetisation as continuous measures, such as the Abrogation of Article 35A to scrap Article 370 in Jammu and Kashmir without more violence being fake and counterfeit currency controlled due to Demonetization. In addition to it, now RBI has released Rupee as Digital Currency with end-to-end encryption for international transactions after success in Digital Transactions, which is recorded as world's highest number of transactions.
Today, GST collections have been recorded more than 1.40 Lack Crore for the last 10 months and heading towards 1.50 Lack collection per month and a huge number of new IT Returns have been filed since Demonetization and personal and corporate income tax collections have been showcasing positive results of our Economy with sustainable growth at 7% When the entire world has been registered their economy as a slowdown. These are all happening even post Covid19 adverse impact on Economy due to reforms post Demonetisation.
Dinakar Lanka
Author Dinakar Lanka (B.Com., F.C.A.) is a Public speaker, Spokesman and Analyst in Print and Electronic Media. He is also the Andhra Pradesh Political Feedback Pramukh for BJP. His expertise and area of writing encapsulates Economy, Finance, Current Affairs of Indian Politics.