The finance ministry quashed speculative media reports that the RBI has stopped printing of Rs 2,000 notes on the suspicion of it being used for tax evasion and hoarding. “Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2,000 in the system with over 35% of notes by value in circulation being of Rs 2,000,” Economic Affairs Secretary Subhash Chandra Garg said on Twitter.
Minister of State for Finance Shiv Pratap Shukla informed the Parliament on Friday that GST evasion of Rs 38,896 crore was detected in 6,585 cases during the April-October period of current fiscal. While service tax evasion of Rs 26,108.43 crore was detected in 3,922 cases, central excise evasion totalled Rs 3,028.58 crore in 398 cases during the same period. The total amount of evasion in indirect taxes (GST, service tax, excise and customs) during April-October period added up to about Rs 75,000 crore.