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Demonetisation: Accusations Vs Expectations

Banning of the old Indian notes of INR 500 and 1000 denomination from circulation undoubtedly cannot eradicate black economy in the country since the magnitude is estimated to be about 7 to 10 per cent only of the total black economy, notwithstanding the fuzziness in such estimates. In no time, black income gets converted into properties, assets, foreign currencies, gold, consumer durables etc. making it difficult for a public agency to determine their colour. Given the civil rights that we...

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