United Nation’s ‘Economic and Social Survey of Asia and the Pacific 2017’ presented by Mr. Matthew Hammill, Economic Affairs Officer, UN Economic and Social Commission for Asia and the Pacific, Subregional Office for South and South-West Asia (UNESCAP-SSWA) and Dr. N. R. Bhanumurthy, Professor, National Institute of Public Finance and Policy, India on Monday.

The Survey estimates the size of the black economy in India vary at about 20-25 per cent of the GDP, cash is estimated to make up only about 10 per cent of that value.

Also it said digital payments account for only 20 per cent of total transactions and 5 per cent of personal consumption expenditure.

“The measure (demonetisation) did not, by itself, impede future black money flows in new denominations warns the report.

Complementary measures would be required to target all forms of undeclared wealth and assets,” the report said.

The measures attributed in the report inclusive :

Broader structural reforms which could also contribute to enhanced transparency include, goods and services tax.

Voluntary disclosure of income scheme and tracking of high-value transactions through taxpayer identification numbers.

Reforming the real estate registration process to ensure transparency, are being discussed, it said.

A more permanent increase in digital enabled and non-cash-based transactions is likely, driven by awareness of cash-alternative solutions post demonetisation exercise and strong government advocacy and incentives.

Wakening up of Indian bjp government of its lapse in monitoring post demonetisation phase in a subtle note., Economist and former Chief Economic Advisor, Ministry of Finance, Kaushik Basu in a tweet said six months have passed since the India demonetised high value currency and now it is time to do a stocktaking of what it achieved.