After ordering a sudden currency exchange programme, he relentlessly shepherds a mass migration from a “sinful” cash economy to the promised land of cashless (no pun intended) economy. The fact that nearly one-fourth of India’s population is covered by the banking system, thanks to the recent Jan Dhan Yojana, has given the government a lot of courage to stick its neck out. The RBI has banned co-operative banks from accepting old currency notes, dealing a heavy blow to farmers and small businesses. Now, what the country is keenly awaiting from the government is a comprehensive ban on high-value cash transactions, say above Rs 50,000. Once the IT-savvy country hitches on to the online bandwagon, the government can demonetize high-value currency notes once again, and save the country from the counterfeit menace, once and for all.

Source: dna November 21, 2016 03:03 UTC