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All banned notes deposited with banks may not be legitimate: Jaitley
New Delhi, Aug 31 (IANS) In the backdrop of the RBI’s report stating that 99 per cent of the demonetised cash had come back into the banking system, Finance Minister Arun Jaitley on Thursday said “all of it may not be accounted money”.
“Demonetisation helped in bringing transparency in the system. Money getting back into banking system — not necessarily legitimate money,” Jaitley said here at the inaugural session of ‘India Summit 2017’ organised by The Economist magazine.
The Reserve Bank of India (RBI) on Wednesday revealed that of the Rs 15.44 lakh crore of notes taken out of circulation by the demonetisation of Rs 500 and Rs 1,000 notes in November 2016, Rs 15.28 lakh crore, or almost 99 per cent, had returned to the system by way of deposits by the public.
The Minister, however said that demonetisation achieved the overall objectives for which it was brought in.
“It helped in bringing informal economy into a formal one. Demonetisation helped in widening tax base which in turn led to increase in the direct and indirect tax collections.
“Note ban has ended anonymity surrounding money. Demonetisation shook the system,” he added.
“We benefited on direct taxes front on the back of note ban. Twenty five per cent more people have filed Income Tax returns. Significant additions to July Goods and Services Tax (GST) collections is seen.
“At two-thirds GST returns, we have surpassed the target. GST collections in first month of its implementation was more than the government’s expectations,” Jaitley noted.
He said that as a long-term note ban impact, spending would get a boost as revenues would go up.
Talking about GST, Jaitley said he expected convergence of tax rates in the coming days.
“I see two standard rates converging into one in future. The GST Council may decide on convergence of rates at appropriate time,” he said.
Jaitley, however, said that having a single standard GST rate would be inflationary for a disparate range of consumers, as one tax rate was inequitable.
He added that GST implementation was quite smooth without any major glitches.
Touching upon the resolution of non-performing assets (NPAs) of public sector banks (PSBs), he said that it was not possible to have a surgical solution to bad loans.
“Government is trying to resolve the NPA issue of PSBs on a priority basis and has taken various steps in this regard,” he said.
Jaitley said the government was actively considering PSB merger as banking decisions need to be taken on commercial considerations.
He added that depending on affordability, the recapitalisation needs of banks would be met.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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