More Indians paying tax after govt cash ban

NEW DELHI: The number of new taxpayers in India more than doubled in the past five months and about three trillion rupees (US$47bil) came back to the banks after the government’s cash ban brought more people into the fold of the formal economy, Prime Minister Narendra Modi said.

“Black money which was hidden was forced to come to the mainstream,” Modi said in his independence day address at the Red Fort in New Delhi. “This is not government research, this is from external experts.”