Demonetisation resulted in the discovery of illegal money, an increase in tax collection, and the broadening of the tax base, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to the Rajya Sabha on March 21, 2023. The RBI has issued several papers on relevant topics, according to the minister. In accordance with the report, the income-tax department performed search-and-seizure operations in 900 groups, resulting in the seizure of Rs 900 crore, including Rs 636 crore in cash, and the admission of about Rs 7,961 crore in unreported revenue. It further said that monies were transferred into legitimate channels as a result of considerable improvements in tax compliance.… Read more