ThePrint Editor-in-Chief Shekhar Gupta and Associate Editor Ruhi Tewari speak about the the first anniversary of demonetisation of high value currency notes, on what it achieved.
Demonetisation was a political move with economic consequences. Among other things, it sought to uproot an old political elite that presumably depends on hoarded cash.
On 8 November, 2016 the Prime Minister announced on television that 86 per cent of the money in circulation in the Indian economy stood demonetised. There are still unanswered questions about the legality of the entire exercise and even the process followed to arrive at the decision.
Demonetisation was a courageous policy decision fraught with high risks. The purported objectives of the decision were to eliminate fake currency, weed out black money, and address tax evasion. Later, digitisation of the economy was also added to the list of objectives. How has demonetisation fared on these objectives?
One year later, it is clear that the economic upside to demonetisation—if there is one—is a long-term proposition. How the government is going to ensure long-term gains is still unclear.
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Demonetization was certainly not only a political venture.It was not a voodoo economics as well Neither all the cash outside Banks is Black nor all the money is in cash. If nothing else, you should give credit to it for assigning a name and ownership to the cash floating around in the country. I Tax are using modern tools of Data Mining etc and sending notices to suspected account holders. their number is in lacs. Now you may call it Return of Inspector Raj. I am closely associated with Real Estate and can safely state that it has in bringing down prices substantially. Stone Pelters who were engaged on daily wages have become scarce. Terrorist and Naxalite activities have too been substantially reduced.
If one views considers Demonetisation together with Benami Properties Act, RERA and GST together, you will agree that the NDA government is moving in right direction — Economically as well as politically.
Demonetization was certainly not only a political venture.It was not a voodoo economics as well Neither all the cash outside Banks is Black nor all the money is in cash. If nothing else, you should give credit to it for assigning a name and ownership to the cash floating around in the country. I Tax are using modern tools of Data Mining etc and sending notices to suspected account holders. their number is in lacs. Now you may call it Return of Inspector Raj. I am closely associated with Real Estate and can safely state that it has in bringing down prices substantially. Stone Pelters who were engaged on daily wages have become scarce. Terrorist and Naxalite activities have too been substantially reduced.
If one views considers Demonetisation together with Benami Properties Act, RERA and GST together, you will agree that the NDA government is moving in right direction — Economically as well as politically.