So, between November 8 and November 27, the objective for the demonetisation exercise has swung from black money elimination to going cashless, as evident in the Prime Minister’s speeches.
Either the Prime Minister has realised that the original primary objective of eliminating black money may not be met or there was not adequate thought behind the decision.
To be sure, urging citizens to use less cash and resort to digital transactions is a laudable objective and must certainly be encouraged. But when a decision was taken to remove a whopping 86% of the country’s currency overnight with all its attendant costs, one would have hoped there was one strong rationale for it, even if it meant achieving multiple objectives.
(Sourced from agencies, feature image courtesy:indianexpress.com)
