Whole demonetization scheme by Modi government was broadly seen as a political move, but ban on high-value currency might hail as a game-changer to check corruption and tax evasion.
The Special Investigation Team (SIT) on black money suggested the government to put a limit on cash holding and cash transactions. Also ask banks to report to the I-T department on large cash deposits. Government's intentions are to bring all citizen under taxation structure and familiar with banking system.
Currently, only 1% of India's population pays income tax. Will demonetisation change that, and herald a new era of a cashless economy in India?
Gautam Kapil explains.
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