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Global analysts cut their forecasts of India's real GDP growth rate for the financial year 2016–17 by 0.5 to 3% due to demonetisation. [147] [148] India's GDP in 2016 is estimated to be US$2.25 trillion, hence, each 1 per cent reduction in growth rate represents a shortfall of US$22.5 billion (₹1.54 trillion) for the Indian economy. [149]
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, and tax-evaders. Around ₹22,000 crores are supposed [citation needed] to have ...
In Delhi, India, Hoffland Finance collapsed amid a major scandal in 1998. Hoffland, a category II merchant banker, had been suspended by SEBI, which directed it to refrain from undertaking any new portfolio management assignments. It had floated a scheme, called "Invest Card", that lured investors with a return of 27% annually. [44]
India faces more difficulties in proliferating its income tax than a country like China, who subjects 20% of its population, because there is an emphatically low amount of formal wage earners. [27] Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [ 27 ]
Corporate taxes (33.99%) Other taxes (2.83%) Excise taxes (20.84%) Customs duties (17.46%) Other taxes (8.68%) other taxes (11.96%) Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined ...
India’s external debt was US$570 billion at the end of March 2021. It recorded an increase of US$11.6 billion over its level at end of March 2020. The external debt to GDP ratio declined to 19.9 per cent at end-March 2022 from 21.2 per cent at end-March 2021. [1]
The 2000 rupee note was introduced by the Reserve Bank of India on 8 November 2016. The introduction of this denomination of the Indian rupee was part of the government's demonetization exercise aimed at curbing corruption, black money and counterfeit currency. On the same day, the Indian government announced the demonetization of the existing ...
States and unionterritories of Indiaordered by. This is a list of states and union territories of India ranked according to poverty as of 2022 (2021–22) as hosted by NITI Aayog 's Sustainable Development Goals dashboard; and Reserve Bank of India 's 'Handbook of Statistics on Indian Economy'. [1] [2] The rank is calculated according to the ...