Lok Sabha Question No. 164 (UNSTARRED), answered on 2017-12-15
Subject: Demonetised Currency
Ministry: FINANCE
Asked by: NAGARAJAN P., VIJAY KUMAR HANSDAK, SHIVAJI ADHALRAO PATIL, ANANDRAO  ADSUL, PRITAM GOPINATH MUNDE, LAXMAN GILUWA

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA UNSTARRED QUESTION NO. 164

## TO BE ANSWERED ON 15 th  DECEMBER, 2017/24 TH  AGRAYAHANA SAKA, 1939

## Demonetised Currency

164. SHRI P. NAGARAJAN: SHRI VIJAY KUMAR HANSDAK: SHRI ADHALRAO PATIL SHIVAJIRAO: SHRI ANANDRAO ADSUL: DR. PRITAM GOPINATH MUNDE: SHRI LAXMAN GILUWA:

## QUESTION

## Will the Minister of FINANCE be pleased to state:

- (a) the amount/volume/value of demonetised currency that has come back/ returned in the banking system after demonetisation as on date;
- (b)  the  total  value  of  currency  notes  of  Rs.  500  and  Rs.  2000  issued  by  the  Government  against  old currency notes after demonetisation along with the amount spent in this regard;
- (c)  the  amount and value of black money detected after demonetisation of currency notes till date along with action taken against the violators by the Government; and
- (d) whether the Government has assessed the impact of demonetisation on economy and employment and if so, the details thereof?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI P. RADHAKRISHNAN)

- (a):      Subject to future corrections, based on verification process, the estimated value of Specified Bank Notes (SBNs) received as on June 30, 2017 is Rs. 15.28 trillion.
- (b): The quantum of these notes supplied by the presses to the Bank in the all denominations during the year ended 31 March 2017 is 29,043 million pieces (including 7260 million pieces of Rs.500 and 3504 million pieces of Rs.2000)  and  the  amount  of  expenditure  incurred  on  security  printing for all denominations stood at Rs.79.65 billion for the year ended June 2017.
- (c): The  income  tax  Department  takes  appropriate  action  in  suitable  cases,  which  include  searches, surveys, assessment of income, levy of tax, penalty and filling of prosecution complaints before criminal courts, whichever is applicable. During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein, assets worth over Rs. 900 crores were  seized  and  undisclosed  income  of  Rs.  7961  crores  was  admitted.  During  the  same  period,  8239 surveys were conducted leading to detection of undisclosed income of Rs. 6745 crores. Further, during the period from April 2017 to October 2017, around 275 groups were searched by the ITD, where assets worth over  Rs.  573  crores  were  seized  and  a  disclosure  of  over  Rs.  7800  crores  was  made  by  the  assesses concerned. During the same period, 3188 surveys were conducted by ITD in which undisclosed income of Rs. 2485 crores was detected.
- (d): The overall economic growth of the Indian economy is dependent on many factors that, iter-alia, include the rate of capital formation and savings, utilization of technology, availability of infrastructure, efficiency of resource allocation, quality of institutions, governance and the policy framework  in place, money supply and degree of financial development. It is difficult to pin-point the impact of demonetization on the economy via its impact on the aforesaid factors.

*******