Six months after demonetisation a lot of compliance is being heard by way of new taxpayers making to the taxpayer’s list. According to Finance Minister Arun Jaitley, 9.1 million people were brought under the tax net post demonetisation and he is confident that the number will only go up further.
Outlook Money has been tracking the development of Operation Clean Money campaign that the ministry and the Central Board of Direct Taxes (CBDT) had initiated on January 31 with the launch of e-verification of large cash deposits made during November 9 and December 31, 2016, when people were allowed to deposit cash in demonetised currency in banks.
The entire process of depositing the withdrawn currency denomination with the bank resulted in people, who had managed to function with just cash transactions to not just deposit the cash they had, but also look for ways to clean their act for the future.
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