Demonetisation

Demonetisation will not end the reign of black money, or even give pause to hoarders of the same. Once the country gets back enough lower denomination notes, corruption will return to full throttle again, creating massive new quantities of undeclared wealth.

A Gujrati evening newspaper, which published a news item as a prank on its readers on April Fools Day saying the government will scrap Rs 500 and Rs 1,000 notes, has been flooded with calls ever since the government demonetised them. The daily--Akila--is at pains now explaining to one and all that it was just an April fool prank as the picture of the story published on April 1, 2016, has gone viral on social media.

Millions of people will use banking or electronic payments for the first time as a result of demonetisation, creating long-term benefits for themselves and the economy at large.