Modi’s decision on demonetisation was based on an utterly false premise –“That all cash is black money and all black money is in cash.” The former prime minister elaborates that the “vast majority of Indians earn in cash, transact in cash and save in cash, all legitimately… Unlike the poor, holders of black money have access to various forms of wealth such as land, gold, foreign exchange, etc.” This crucial point Modi did not understand, thus turning demonetisation into a “mammoth tragedy” that has “thrown into disarray” the lives of millions. – The Hindu promodpuri.com
Published by Promod Puri
Retired after 40 years of career in journalism. Former publisher and editor of The Link, a South Asian Canadian weekly newspaper from Vancouver, BC. Now a freelance writer. Published my first book titled "Hinduism:beyond rituals,customs and traditions". The book is educational dealing with all the facets of Hinduism. Websites: promodpuri.com progressivehindudialogue.com promodpuri.blogspot.com View all posts by Promod Puri
Promod, thank God, someone has posted this message. What Modi did not realise is ““vast majority of Indians earn in cash, transact in cash and save in cash, all legitimately”. So very True !! And those innocent people are the biggest sufferers of this demonetisation. Today, look at the way, ATM’s or any other Outlet for Cash is allowing only 2000/- withdrawal per day !!!!!!!!!!!!!! Madness !!!!!!!!!!
An interesting insight by one of the most brilliant economists who opened Indian economy as FM. I think we should wait and see what demonetisation brings in the long run to achieve desired objectives.