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Although demonetization might have spurred digital transactions, it wasn't able to get rid of black money for the simple reason that black money owners weren't
by farhanhubble 8y ago
Although demonetization might have spurred digital transactions, it wasn't able to get rid of black money for the simple reason that black money owners weren't foolish enough to store large sums of cash. The average corrupt Joe who has a few millions in black money, invests in businesses, real estate, gold, sending kids abroad and so on.
- eklavya 8y agoNot entirely true, but I am amazed at just how creative people can get when it comes to money. “Everybody” got their whole lot in, one way or another. The biggest failure was the complete absence of any kind of centralised checks in the banks for any deposits. Although many poor have gotten rich as they are refusing to give back what was transferred in their account :)