Raghuram Rajan preferred other ways over demonetisation to tackle black money
Wednesday, November 16, 2016 IST
Indeed, even as the government protects the demonetisation practice in the midst of developing resistance, it has risen that previous RBI representative Raghuram Rajan didn't consider much it. He said there are different methods for handling black money.
In August, at the yearly Lalit Doshi commemoration address, Rajan said, "I am not exactly beyond any doubt if what you implied is demonetise the old notes and present new notes. Before, demonetisation has been considered as a method for getting black money unavailable for general use. Since individuals then need to come and say "how would I have this 10 crores in trade sitting out my safe and they need to clarify where they got the cash from. It is frequently refered to as an answer. Sadly, my sense is, the shrewd discover routes around it."
On November 8, in a sudden declaration that shocked everybody, the government demonetised high division monetary orders – 500 and 1,000 cash notes .
Rajan had said, "Dark cash hoarders discover approaches to isolate their store into numerous littler pieces. You find that individuals who haven't thought about an approach to change over dark to white, toss it into the hundi in a few sanctuaries. I think there are courses around demonetisation. It is not that simple to flush out the black money."
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