Bank deposits growth fell to a five-decade low in fiscal year ended March 2018 as the demonetisation bonanza withered away and the lure of other savings instruments such as mutual funds and insurance eroded banking competitiveness.
Currency with public is currently at Rs 17.5 lakh crore while Rs 1.2 lakh crore is estimated to be the current value of digital transactions, resulting in a gap in circulation.
CTBT Press Release on Income Tax Department's Operation Clean Money gets Overwhelming Response
The Indian economy was growing at a rapid pace, with a GDP growth of around 7.6%, and with the introduction of GST was expected to grow at even a faster rate.
As controversy arose over the Income Tax Act provision about granting exemption from income tax to political parties, finance minister Arun Jaitley issued a statement on Saturday night clarifying that this provision is 35-year-old.…