Previous demonetization of Indian Currency was done in Janta Government in 1978. It did not produce the desired results. Then RBI governor IG Patel was not in its favour. Read it here why?
Experience has proved that our country has piled much more black money after the last demonetization. Reason is simple, very less amount is available in Indian currency cash form with these black money giants. It is in the form of property, gold, dollars and foreign investments. So unless the source is curbed, problem will multiply . Temporary setback for fake currency producers does happen, but they bounce back with even better models, as they know that every such measure is superficial and nothing is going to happen to them.
So are we ready to strike the root. Catch the illegal miners. Curb illegal land purchases. Dig purchase lists of politicians and a long list of corrupt officials. Control high percentage of cash transactions in business. Stop high amount of capitation still being given openly for medical admissions. Put brakes on unnecessary constructions and high value projects in the name of bogus development that yields high commissions for the entire chain, at the cost of other simple needs of roads, water supply, low cost food, good sanitation etc.
If we are not thinking, nothing is going to change this time also. This might sound negative thinking, but I feel that knowing right causes is much more positively helpful to ultimately find a solution then to whitewash every thing hastily and say that it has been done. Do not find loopholes.
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