Indicating popular support to the government’s effort to curb illicit wealth, about 70 percent of India Inc employees feel demonetisation can help control corruption in the long run, says a survey by EY.
Noting that black money and corruption have been the key challenges for global economies, including India, in recent times, EY India Partner Yogen Vaidya (Fraud Investigation & Dispute Services) said, “Broadly, this (demonetisation) is expected to boost India’s anti-money laundering efforts and curb the menace of unaccounted illicit wealth, which has been hoarded in the form of cash.”
“Though still at an initial stage, the demonetisation move can help banks identify and report suspicious transaction patterns through close monitoring,” Vaidya added.
