Who Is The Biggest Benefactor Of Narendra Modi’s Demonetisation Plan? No, It’s Not Who Arvind Kejriwal Told You So!
If you are living in India, you for sure know how Prime Minister Narendra Modi’s late night speech of November 8th changed the daily life of every resident (okay, probably not all but most). That was the night when PM announced to the whole nation about demonetizing rupees 500 and 1000 notes. Government said its implications were huge. Demonetisation, announced by Modi on November 8, that made currency denominations of Rs 500 and 1,000 — Rs 14.1 lakh crore, or USD 211 billion, in circulating cash — illegal tender overnight, is undeniably a good idea, if one believes that citizens and their transactions must incur tax, that is. Only one per cent of Indians pay tax. Black economy makes up as much as 20 per cent of India’s total GDP, amounting to USD 1.74 trillion in PPP terms. Anand Ranganathan wrote in Newslaundry . He further wrote, The denomination made illegal tender in 1978 by Morarji Desai made up just 0.6 per cent of India’s circulating cash. What Na