While we have seen some instances in media about Fake Currency gangs arrested with Counterfeit notes of the New Currency Notes, Union Finance Ministry says otherwise. It has informed the Public Accounts Committee that between November 8th and December 30th, no counterfeit currency is caught.
This is contrary to the media reports and has to be explained by the central government. However, the ministry informed that Income Tax Department had seized 474.37 Crore unaccounted money in the form of Old and New Currency Notes between November 9th and January 4th.
The Income Tax Collections have improved 12% post Demonetization. There is a 24% increase in individual Tax payments and 14% in advance Tax payments. In this, there is a 10.6% increase in Corporate Taxes and 38.2% improvement in Personal Taxes.
