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Letter to BS: Demonetisation was not the way to tackle black money

The currency in circulation today is at least 10 per cent more than at the same time in 2016.

Business Standard 

cash, demonetisation, note ban, rupees

This refers to “Don’t forget note ban made you seek bail: PM Modi’s dig at Gandhis” (November 13). It is distressing to read the Prime Minister’s stance on the Gandhis. Demonetisation was the most impractical decision. We live in a country where a data protection law does not exist and institutions continue to hobble with infrastructure necessary to support digitisation. We have the highest rates of internet shut-downs. Demonetisation was not the way to tackle black money or counterfeit currency.

The government’s calculation was that three to four trillion would not return to the banks, but, as we know now, almost all black and accounted money came back. The daily-wage workers starved and many perished at the ATMs. The currency in circulation today is at least 10 per cent more than at the same time in 2016. Yes, the tax returns have increased, but 67 per cent of these are ‘nil’ or very low returns. Is the PM giving us one more new reason for demonetisation — personal vendetta against his personal enemies for his own satisfaction?

Angelo Extross, Pune


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First Published: Wed, November 14 2018. 21:09 IST
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