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"Demonetization exercise was a total and epic disaster and it shocked the economy without fulfilling it's motive of "war on black money" as 99% of the invalid n
by Reason077 9y ago
"Demonetization exercise was a total and epic disaster and it shocked the economy without fulfilling it's motive of "war on black money" as 99% of the invalid notes were returned to the RBI."
That was exactly the point. The fact that 99% of notes were returned indicates that demonetization was a success.
The whole idea was to stop large cash transactions from occurring in secrecy where they cannot be taxed.
Any economic problems resulting from demonetization are short-term. In the long run, moving to electronic transactions will be of great benefit to India.
- 31reasons 9y agoI think they should just make any cash transactions more than 1000 rupees illegal.
- thewhitetulip 9y agoGhanta. The goal was to "eradicate black money" but they utterly failed in eradicating black money as all black money was converted into white in a BIG blow to the exercise & all black money has entered the banking system. 1% is the "destroyed black money" If this was the case then BJP is a big damn liar as they kept claiming that congress did scams well, if there is only 1% black money Congress is full of saints.
- Reason077 9y agoMoney that is brought into the banking system isn't "black" any longer. It can be seen, counted, taxed.
- kapilkaisare 9y agoFor the uninitiated, 'ghanta' translates idiomatically to 'bullshit'. Been a while since I last heard that word. :)
- vaseem 9y agoactually it translates to 'balls'
- thewhitetulip 9y agoHow so?