5 ms·

What is stopping the corrupt people to ask for bribe in 2000 Rs notes now?

• ak39 10y ago
  Exactly. However this move isn't without immediate benefits. 1. Forces all participants in shadow economy to declare cash assets. So it's a data point from which to baseline total cash asset census. 2. Data collected about individuals with most cash declared will allow for revenue services to target those individuals first. 3. The introduction of serious risk for hoarding cash in the future. The government followed through with this threat so it's a precedent. BTW, I'm a foreigner and I am traveling to India in a week's time and I hope the impact on tourists is all but dissipated by now!
• DesiLurker 10y ago
  Nothing, except that they cannot make any big purchases (like land/gold or cash deposit) with the vast amount of bribe money they make. To think of this as a fix-all solution is misguided ( & for a good reason, pls see my other larger post). this is just peeling layers of the onion. Remember before this He introduced the eqv of ssn in india so that connects a human uniquely to a (large) transaction. You'll notice the land prices will fall as a result of this move, its because a large chunk of land sale is all cash.