View: Demonetisation helped in kickstarting the formalisation process, strengthening economy

Following demonetisation, 3.8 lakh companies and 4.5 lakh directors associated with such companies have been struck off under sections 248(1)(c) and 248(1)(c) of the Companies Act respectively. Cumulatively, surveys conducted by the tax authorities in 63691 cases revealed undisclosed income of about Rs 85,000 crore, write the Chief Economic Advisor, K Subramanian.

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