Note Ban May Get Rs.2Lakh Crore Dividend To GOI : SBI Report

New Delhi: Since the announcement of demonetisation lot of speculations and calculations have been done on the possible income to GOI with the decision. According to The Economic Research Department of the SBI Rs.2.5 lakh cr may not come into the circulation. The SBI report estimates that out of the total value of Rs.15.5 lakh cr demonetised notes, around Rs.13 lakh cr may be deposited in the banking system. Which means Rs.2.5 lakh cr remain in the dark. The report said "We conservatively estimate that Rs 1.5 lakh cr(Rs 1500 billion ) will not be deposited by the individuals and this amount will be an extinguished currency liability." Out of the estimated Rs.2.5 lakh cr, around Rs.1 lakh cr might be disclosed under the present self-declaration of undisclosed income scheme. According to the scheme taxpayers can declare their undisclosed income by paying 50% tax. Which means the government will get around Rs 50,000cr as an immediate short term benefit. So, Rs.1.5 lakh cr completely undisclosed money and Rs.50,000 cr tax means a total of Rs.2 lakh cr will be the estimated net gain to GOI.