This top 10 list is for the Indians out there. We have all seen what demonetization has and is continuing to do in India. While most of us have seen the positive aspects of the same, here are the top 10 ways demonetization is likely to affect India negetively.
10. Most of the black money would have already been converted into non monetary assets
9. The demonetization does not affect the black money presently held in stock markets and bank accounts
8. Why replace 1000 with 2000? It will be even easier to build fresh stocks of black money!
7. Gold is over-rated in India, and Indians have an undescribable love for gold. To avoid the hassel of exchanging money again, they’ll most probably give in to the desire of buying gold
6. The move may end up in increasing the proportion of non monetary assets which can diversify the money laundering process via these assets which are more difficult to trace and detect
5. About curbing black money (cash) flowing in for terrorism, yes, that’ll be curbed for a short period of time, but it can’t be altogther stopped. Not to forget, stock markets are gene pool of crime
4. The demonetization does not affect the black money in foreign accounts
3. The illicit wealth will only be destroyed, neither would it be retrieved or confiscated, nor their owners be punished
2. What about the black money already in N number of bank accounts? There are student accounts that are not tracked or taxed because they are not associated with PAN numbers. Such accounts are a blessing to black money holders. ( This is one of the ways to save the black money that recently surfaced
1. Birth of a short lived black market of the now useless notes. Rs. 500 note exchanged for Rs.400 and Rs. 1000 notes exchanged for Rs 800. Black money can be easily converted into Rs. 100 notes with a loss, yes, but without losing all of it