Dear Editor,
A decision like demonatisation is not always taken to spruce up the economy. Unaccounted wealth is a black mark on our society. If the salaried class pays taxes through its nose, the same is expected of the wealthy. The argument that such a step will not discourage corruption fails to impress the reader. When new currency notes are required for future transactions, it automatically means that there is no free circulation of currency notes for paying bribes. The next argument that nothing will change drastically as demonetised notes will be replaced by fresh ones is fallacious since all the unaccounted cash will never be replaced. There are restrictions in the exchange process entailing huge tax. What is in the account book alone will be exchanged. The whole nation is happy with the move.
V. Lakshmanan,
Via-e-mail