Diabytes
Demonetisation Advantages News
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The plan to demonetise rupee 500 and rupee 1000 bank notes was kept highly confidential.
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Among the main objectives of demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base.
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More digital interface would help create a transaction history for the small retailers and enable them to get loans from banks.
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The outstanding demonetised notes as on November 8, 2016 were Rs 15.44 lakh crore. Of these, Rs 15.28 lakh crore or 99 per cent were returned, leaving only about Rs 16,000 crore outside the banking system.
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