Update at 5:46 PM: PM promised of Rs 15 lakhs, jobs, Bullet train. But we don't take his words seriously: Rahul Gandhi

Update at 5:45 PM:  airplanes which were worth Rs 520 crore, why did you buy it for Rs 1600 crore?: Rahul Gandhi

Update at 5:44 PM: Anil Ambani has never me planes. Anil Ambani has a huge loss. On or hand, HAL has been making aeroplanes 70 years. y have debt: Rahul Gandhi

Update at 5:42 PM: We have been asking for Joint Parliamentary Committee. All opposition has been asking for JPC. But Arun Jaitley is stuck, because permission is to be given by Narendra Modi: Rahul Gandhi

Update at 5:40 PM: During our time, NPA's were Rs 2.5 lakh crore. w, it is Rs 12 lakh crore: Rahul Gandhi

Update at 5:39 PM: Congress showed how to run country. Please look at a record when Manmohan Singh was PM. Arun Jaitley and Narendra Modi have destroyed nation: Rahul Gandhi

Update at 5:38 PM: Demonetization wasn't a mistake, but it was an attack on you. It was a planned move to destroy you people, and help organizations like Amazon: Rahul Gandhi

Update at 5:37 PM:  intention of demonetization was to help richest people in country change ir money from black to white: Rahul Gandhi

Update at 5:36 PM: Let Anil Ambani slap as many defamation cases as he can. It won't change truth: Rahul Gandhi

Update at 5:35 PM:  main issue of demonetization is why PM Modi took money from small businessmen and youth, and gave it to top 15-20 rich people: Rahul Gandhi

Update at 5:33 PM:  example of this is Gujarat Co-operative bank. bank in which Amit Shah is director, Rs 700 crore was turned from black to white: Rahul Gandhi

Update at 5:32 PM: During demonetization, friends of Narendra Modi turned ir black money into white: Rahul Gandhi

Update at 5:31 PM: Narendra Modi took money from your pockets, and put it into pockets of top 10-15 business, who h NPA's against m: Rahul Gandhi

Update at 5:30 PM: I want to tell small businessmen and youths about why demonetization was done: Rahul Gandhi

Update at 5:28 PM: PM has to answer nation why he inflicted this dam on country: Rahul Gandhi

Update at 5:26 PM:  whole money from demonetization is back. 2% GDP fell down and crores of people lost ir jobs: Rahul Gandhi

Rahul Gandhi dresses news briefing on Demonetisation post Jaitley's blog post.

Finance Minister Arun Jaitley has written a Facebook post regarding political controversy that has broken out over revelation in RBI's annual report released on Wednesday that stated that old Rs 500 and Rs 1000 tes amounting to 99.3% of total value of demonetised currency in circulation at time of demonetisation, i.e. on vember 8, 2016, h been returned to RBI by various means.  

Here is full text of blog post: 

Demonetisation and its impact on Tax collection and Formalisation of Ecomy

Reserve Bank has twice released its reports stating that demonetised tes of `500 and `1000 have been substantially deposited in Banks. A widely stated comment has been that just because most of currency came back into Banks, object of Demonetisation has t succeeded. Was invalidation of n-deposited currency only object of demonetisation? Certainly t. larger purpose of demonetisation was to move INDIA from a Tax n-compliant society to a compliant society. This necessarily involved formalisation of Ecomy and a blow to black money. How has this been achieved?

· WHEN cash is deposited in Banks, anymity about owner of cash disappears. deposited cash is w identified with its owner giving rise to an inquiry, wher amount deposited is in consonance with depositor’s income. Accordingly, post demonetisation about 1.8 million depositors have been identified for this enquiry. Many of m are being fastened with Tax and Penalties. Mere deposit of cash in a bank does t le to a presumption that it is Tax paid Money.

· In March 2014, number of Income Tax returns filed was 3.8 crores. In 2017-18, this figure has grown to 6.86 crores. In last two years, when impact of demonetisation and or steps is analysed, Income Tax returns have increased by 19% and 25%. This is a phemenal increase.

· number of New Returns filed post demonetisation increased in past two years by 85.51 Lakhs and 1.07 crores.

· For 2018-19, vance Tax in first quarter has increased for personal Income Tax Assesses by 44.1% and in Corporate Tax category by 17.4%.

· Income Tax collections have increased from 2013-14 figure of `6.38 Lakh crores to 2017-18 figure of `10.02 Lakh crores.

· growth of Income Tax collections in Pre-demonetisation two years was 6.6% and 9%. Post-demonetisation, collections increased by 15% and 18% in next two years. same trend is visible in third year.

· GST was implemented from 1st July, 2017 i.e. Post demonetisation. In very first year, number of registered assesses has increased by 72.5%. original 66.17 Lakh assesses has increased to 114.17 Lakhs.

This is positive impact of Demonetisation. More formalisation of Ecomy, More Money in System, Higher Tax Revenue, Higher Expenditure, Higher Growth after first two quarters.

RBI On Demonetisation: Of Total Value Of Demonetised tes On vember 8, 2016, Currency Equivalent To 99.3% Has Been Returned

What Reserve Bank of India's annual report revealed:

In its annual report, India's central bank states that total value of demonetised currency, namely old Rs 1000 and Rs 500 tes, on day of demonetisation's anuncement, i.e. vember 8, was Rs. 15,417.93 billion (Rs. 15,417,930,000,000), while total value of tes, referred to as SBNs or Scheduled Banktes, that have been returned from circulation is Rs. 15,310.73 billion. This means that 99.3% of total value of demonetised currency that was in circulation at time of demonetisation, has been returned, via various mechanisms, to RBI.

Congress attacks Modi government on demonetisation:

Former Finance Minister P Chidambaram wrote:

"Every rupee of Rs 15.42 lakh crore (barring a small sum of Ra 13,000 crore) has come back to RBI. Remember who h said that Rs 3 lakh crore will t come back and that will be a gain for government!?

I suspect that bulk of Rs 13,000 crore is currency in Nepal and Bhutan and some that was lost or destroyed. So, government and RBI actually demonetised only Rs 13,000 crore and country paid a huge price.

Over 100 lives were lost. 15 crore daily w earners lost ir livelihood for several weeks. Thousands of SME units were shut down. Lakhs of jobs were destroyed. Indian ecomy lost 1.5 per cent of GDP in terms of growth. That alone was a loss of Rs 2.25 lakh crore a year."

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