At Asean summit in Manila, Narendra Modi says demonetisation led to formalising large part of Indian economy

Manila: Prime Minister Narendra Modi said demonetisation coupled with measures like linking of the Aadhaar number with bank accounts has led to formalisation of a big part of the Indian economy. [caption id=“attachment_4207351” align=“alignleft” width=“380”]  Narendra Modi at Asean summit. AP.[/caption] Speaking at the Asean Business and Investment Summit here, the Prime Minister said: “We are using our unique ID system in financial transactions and taxation for this purpose and the results are already visible.” “These steps, coupled with demonetisation of high value notes, has resulted in fomalising a large part of our economy. The number of new tax payers filing income tax returns has more than doubled. Digital transactions have increased by 34 percent as we march together to a less-cash economy,” he said. The Prime Minister is in Manila to attend the 31st Asean Summit.