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UN ESCAP Reports : Demonitisation did not stop black money flow
Posted on: 09-05-2017 , 11:18:AM | DY365 Bureau

 Picture Courtesy : India.com

 The United Nations Economic and Social Survey of Asia and the Pacific (UN ESCAP) in the recently released reports of 2017, described that still after six months of demonitisation, the government needs to take more measures to unearth all forms of undeclared wealth and assets as note ban by itself will not impede future black money flows.

The report also described that the measures taken by the Prime Minister of India, Narendra Modi on November 8 last year had greater impact on lower income individuals, households and small businesses that had difficulty insulating themselves against the shock.

It said the rural income and consumption were impacted due to a decline in prices of agriculture products though it was not reflected in official data of national accounts which measures agricultural data in terms of quantity.


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