What is done is done. But what must be done ahead is what is more important. IF THE GOVERNMENT REALLY WANTS TO DEMONETIZE THE CURRENCY AND MOVE TOWARDS LEGIT TRANSACTIONS, WITHIN 6 MONTHS, EVENT THE 2000 RUPEE NOTE MUST BE DEMONETISED.
Whats the point of killing cash and then introducing cash with higher value??? Isn't it easier to then hoard that? If you want to walk a road, might as well walk it the whole way. Kill all cash currency over 100 rupee value and introduce electronic cash facilities and e-wallets to even the lowest strata of society.
This whole demonetization drama hit the terrorism industry hard. and thats the only REAL positive outcome it has had and probably will have. But that too, it has only affected the financing of the foot soldiers - not of the source. But yes, any respite, is good respite from the monster of terrorism that reeks in India.
But what this has done for the ruling party is helped cut away all the funding sources for its opposing parties. AND THAT TO ME SEEMS TO BE THE REAL END GAME OF THIS MOVE. Since the ruling party now has legitimised all its corporate funding, it has cut the life line of all opposing parties which did the business of garnering/purchasing votes quite like it did too earlier - via hard cash. (yes, not breaking news, but political rallies and poll rigging is still very much funded by hard cash aka hoarded black money - truck loads of it.)
Those really, truly, whole heartedly into the black money business are smart enough to have legitimised businesses and investments made out of black money. The biggest hoarders of 'black money' from india have swiss accounts and own companies and high paying government contracts on their overvalued services.
And all those talking economy and progress, thats all yet to be seen. So just wait and watch now how the drama unfolds. And lets hope for the best. Because like it or not, opposing or for it, we are all together in this same boat together.
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Complete demonetisation and a switch to online transactions or card based currency is the only foolproof way to remove corruption. 2000 re notes have an important purpose but as u said it should only be an interim purpose. It shouldn't stick in the economy.
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