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View: Demonetisation helped in kickstarting the formalisation process, strengthening economy
Synopsis
Following demonetisation, 3.8 lakh companies and 4.5 lakh directors associated with such companies have been struck off under sections 248(1)(c) and 248(1)(c) of the Companies Act respectively. Cumulatively, surveys conducted by the tax authorities in 63691 cases revealed undisclosed income of about Rs 85,000 crore, write the Chief Economic Advisor, K Subramanian.
by K SubramanianAs we mark the 4th anniversary of demonetisation in India, policymakers need to examine the benefits of formalisation that has manifested through various policy measures starting with demonetisation.Formalisation involves multiple facets. First, bringing hidden money into the formal economy. Second, converting informal sector jobs into formal sector jobs. Finally, getting informal sector firms into the formal economy. Each step
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