RBI’s proposed digital rupee, which will be issued next year, will enhance the digital economy and also help curb the rampant black money problem in India. The RBI will be able to track each and every single digital rupee issued, even when it goes through multiple vendors, shopkeepers, customers, etc.
Black money gained from illicit activities cannot be taxed by the government, but when the government can track every digital rupee, evading taxation will be much more difficult. A digital currency also results in a cheaper currency management system.
To further combat black money, Ms. Nirmala Sitharaman, Minister of Finance and Corporate Affairs, unveiled a new provision in the Union Budget 2022-23 called “Deterrence against tax evasion.” Now, the government will not be allowing any set-off, of any kind, against unreported income discovered during search and survey activities.
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