New Delhi: Former RBI governor Bimal Jalan on Friday said demonetisation in-principle was a good move to eliminate black money, but in terms of consequences it did not work. “Demonetisation, in terms of the principle of it, nobody can object to black money being tapped, or if demonetisation is being done to make sure that black money hoarders declare their money. But in terms of the consequences, you can see that it didn’t work,” the former governor of the Reserve Bank of India (RBI) said at an NCAER event in Delhi. With regard to taxation, Kelkar said it should be stable and simple which gives investors confidence to invest. So, simplicity is the first mantra of policymaking, he said, adding that right sequencing is another important pillar of policymaking.

Source: Mint January 27, 2017 19:18 UTC