The ₹2,000 note seems to be the key tool for unaccounted income and assets.
According to the latest Income Tax data, almost half the unaccounted cash seized this fiscal was in the denomination of the maximum value. It was more than 60 per cent the last two fiscals.
As on March 31, 2019, 3,291 million pieces of ₹2,000 currency note was in circulation with a value of ₹6,582 billion.
In terms of volume, this currency note has a share of mere 3 per cent, but in terms of value, it’s a whopping 31.2 per cent.
In a written reply to the Rajya Sabha on Tuesday, Finance Minister Nirmala Sitharaman said an analysis of the search cases involving cash seizures of more than ₹5 crore revealed that the percentage of unaccounted cash seized in the ₹2,000 denomination, out of the total cash seized, was 67.91 per cent, 65.93 per cent and 43.22 per cent in 2017-18, 2018-19 and till date in 2019-20, respectively.
Denne historien er fra November 20, 2019-utgaven av The Hindu Business Line.
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Denne historien er fra November 20, 2019-utgaven av The Hindu Business Line.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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