HYDERABAD: Vice-president Venkaiah Naidu on Sunday said that the Income Tax department should come out with the data of the 2 lakh people who deposited money post-demonetisation. It may be mentioned that post-demonetisation the IT department issued notices to close to 2 lakh people who deposited more than `25 lakh in bank accounts, in the demonetized `500 and `1,000 currency notes.
A major criticism of demonetization has been that according to a report by Reserve Bank of India, 99 per cent of the discontinued noted were returned, inviting questions from critics over the impact of demonetization on black money. However, Naidu said that the utility of demonetisation lay in the fact that unaccounted money, which was in the possession of many people, found its way back into the system.
Naidu was speaking at the event marking 75th anniversary of establishment of Indian Institute of Chemical Technology(IICT), a lab under the Council for Scientific and Industrial Research(CSIR).
In his speech, Naidu stressed on the need for removal of bottle necks and hierarchical hurdles in scientific institutions. He said that there was need to improve the freedom and flexibility in their functioning.
The event was also attended by Governor, ESL Narasimhan, Union Minister for Science and Technology,
Harsh Vardhan, Telangana deputy Chief Ministers, Kadiam Srihari and Mahmood Ali apart from heads of CSIR labs in the country.