Crackdown on India’s “black money”

Indians have returned $80 billion worth of high-value currency notes –  500 rupees and 1,000 rupees – since Prime Minister Narendra Modi banned their use as part of a crackdown on corruption and tax evasion

Nov 8: Prime Minister Modi announces Rs500 and Rs1,000 notes to be demonetized

Dec 30: Deadline for exchange of old notes at banks or post offices

2015-16: 31.8 million Indians – just 2.6% of population – file income tax returns, generating $43.1bn
(Rs286,801 crore) in revenue*

Tax revenue (as percentage of gross domestic product, 2015-16)

$68.3bn Corporate tax, 3.3% of India’s GDP

$43.1bn Personal income tax, 2.1% of GDP

$2,100bn GDP

$241 billion Value of bank notes in circulation in India

$207 billion Value of Rs500 and Rs1,000 notes now banned

40% India’s wealth stashed as black cash

33% About a third of business in India is done with black money

$252 billion Cash and carry transactions make up 12% of India’s $2.1 trillion GDP

$10 billion Black money declared since Finance Minister Arun Jaitley announced tax amnesty in
March. Amnesty has raised $4.5 billion in tax

236,000 Number of Indians with assets of over $1 million at end of 2015

$4 per day Average daily income in India stands at around 272 rupees, according to Labour Bureau

*provisional Income Tax Department figures. Crore denotes ten million in Indian numbering system

Sources: PTI, Statistical Commission, New World Wealth

Pictures: Getty Images