Initially, demonetisation measures aimed at curbing black money flows/corruption, eliminating counterfeit currency, choke terror financing. Black money refers to cash that is not accounted in the banking system or cash for which tax is not paid to the state. Cash is still the mainstay of the economy; corruption, graft and black money continue to thrive. In reality, demonetisation could not curb black money, rather helped the rich to convert black money into white in the system. Instead, black money holders converted their black money into white money.

Source: The Hindu November 11, 2021 12:54 UTC