Black Money – Domestic and International Efforts

[op-ed snap] Curbing the black currency menace

  1. Context: withdrawing highest-value currency notes of Rs.500 and Rs.1,000
  2. Justification: Stashing corrupt officials’ ill-gained cash under their mattresses, fuelling inflation as well as terrorism
  3. Introduction of new Rs.500 and Rs.2,000 notes: would check counterfeit currency and purge India’s economy of black wealth amassed in the form of high-value notes
  4. Problems: Step caused hardship as people struggle to get notes of smaller denomination for daily expenditure
  5. Administrative steps: ensure that no poor person is saddled with old, useless notes due to lack of official identity documents or a bank account
  6. Avoid putting to disadvantage older citizens unable to visit a bank repeatedly to exchange high-value notes
  7. Find ways to check black money parked in benami properties and gold
  8. There must be administrative and electoral reforms to advance digital payments
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