What are the systemic measures that Mr. Modi will take to prevent hoarding of Rs.2,000 notes as black money by political parties including his own, by jewellers, real estate promoters, big actors, and corrupt civil servants?
Black money is generated in the first place because of transactions at bottlenecks, and failure to make government accountable for services in a time frame [BJP issued no ordinance, did not replace service guarantee bill of UPA]. Any action on that?
Without that measure, the current demonetisation move is unconvincing and suspect. It merely resets the counter for those who did not get advance information about it, while the ‘special friends’ who most likely did get it turned their black into gold or property.
In any case, the effect on day one has been painful for the middle classes, and for trade and services.