Will demonetisation help eradicate black money?
Demonetisation may have eradicated some small amount of black money but what I feel is that it was not worth taking risk. It has created more problems than solutions to the common people as well as rich. Common people have to stand in queue and suffer just to claim their hard earned money and people suffer inconvenience in everyday life. In some perspective, it may be good because unaccounted and illegitimate money is being checked thus curbing some portion of black money. But the vast portion of cash money is being amassed by rich but they do not keep these old notes in their suitcase nor do they stash it underground. Their money is being invested in the form of properties and assets, some are in safe havens in foreign protected banks. So the government is only harassing the innocents by treating the symptoms rather than the ultimate cause. Etiological solutions were needed by introducing tax reforms and checking illegal markets instead of blaming the Dog for the Cat's mischief. Indian Demonetisation is full of loopholes and misapplication. It was haphazardly initiated. The banks were not prepared to embrace such situation. For instance, lower denomination notes were not distributed sufficiently while alongside introducing new 2000 Notes which is but a futile means of eradicating black money. It has only added much weight to the already declining Indian economy.Kimwang Konyak Leangha Village, Mon
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