The government has a reason to celebrate since PM Narendra Modi announced demonetisation on November 8, 2016, by scrapping 500 and 1000 rupee notes. Before currency ban, there were nearly five crore tax payers in India but post note ban, the number has increased by 91 lakhs, Finance Minister Arun Jaitley recently confirmed. He also added that the daily allocation of pan numbers has risen to two to three lakhs, which was earlier around one lakh before note ban.
Jaitley, who recently launched a new website ‘Operation Clean Money,’ said that the reason behind launching this portal is to bring to notice all the illegal wealth. Through the same programme, around 18 lakh people (post note ban) have been identified whose cash transactions didn’t match their cash profile.
“There has been a hike in collection of individual income tax. The online portal will help honest taxpayers. An undisclosed amount of Rs 16,398 was identified post demonetisation ” said Jaitley. “The website, designed by Central Board of Direct Taxes (CBDT), will help us in identifying people, who have made large purchases and deposits. The website will ease out things for compliant taxpayers and make things difficult for non-compliant taxpayers,” added Jaitley.