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Can demonetization of 500 and 1000 rupee notes alone can curb Black Money?

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Can demonetization of 500 and 1000 rupee notes alone can curb Black Money?
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During the Prime Ministership of Morar Ji Desai in 1978, the currency notes of Rs.1000, 5000 and 10000 were demonetied to unearth the black money. Now after 38 years the same step is repeated again as all the Governments since 1978 onwards fail to end or curb the corruption and creation of black money. Can demonetization of 500 and 1000 rupee notes alone can curb Black Money? If no, but further steps are required to be taken to stop further creation of black money.

Ashok Goyal,
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4 Responses to “Can demonetization of 500 and 1000 rupee notes alone can curb Black Money?”

  1. Obviously, no. Demonetization is one of the best tools to be used to curb black economy.Only with demonetization, we cannot achieve as we think to curb black money. The main cause of black money is corruption. The government has to do a lot in the circle of reducing corruption.Besides, there is a lot of concern namely; huge variety of pay to the citizens in a large democratic country can lead to black economy, High tax rates etc. Moreover, people became greedy.Actually, this should be an honest reply.Eradicating black money from our country mainly requires the participation of people.(Here, people refers to those who have black money, not laymen). Finally, I’m not an economist. These are just my views.

  2. Kumar says:

    Yes, Till now, Government could not disclose the total amount deposited in the form of cancelled High Definition Notes 500 and 1000.

    Narendra Modi loose his own confidence as the Demonetization does not give the results that he expects before he announces.

    Hopefully, Tax slabs are going to be increased and regular tax payer will start getting benefitted. Hope for the best from Arun Jaitley in next couple of days.

  3. Spiderman says:

    I fail to understand as to why the Government of India so far could not club all the financial accounts of any individual through integrated systems like UIDAI or PAN Card. The banks and Income Tax authorities must be enabled to peep into all the financial assets of the individuals as in the case of CIBIL reports. This will not only enable the banks to recover their bad loans but it will be easy to bring the black money hoarders in tax net.

  4. Navneet Sood says:

    No, demonetization alone can not curb black money and follow up measures are required to stop further generation of black money through following steps:
    1. Cash Payments of any nature beyond Rs.5000 be discouraged and use of digital payments be encouraged.
    2. Expenditure Tax should be levied instead of Income Tax.
    3. Tax Rates should be reduced so that people pay taxes happily.
    4. Social Security like old age pension and other benefits be linked to tax payments during the active life period.
    5. Similarly no subsidies or benefits be allowed to those who do not follow small family norms.
    6. Children from the tender age of say 7 years onwards be tought to be honest and love their nation.
    7. Laws should be strict enough even to punish the people with money power and muscle power.

    Team Member
    Samadhan Kender

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