This refers to the editorial, “Step towards reform” (November 15). Prime Minister Narendra Modi’s master-stroke demonetisation drive will eliminate counterfeit notes in circulation and bring black money holders under the scanner to a large extent. It will also help us move towards a cashless economy. Today, the rich and the powerful, whose money is stashed in tax havens outside the country, are leading hassle-free lives. The timely and swift move to cleanse the system of the cancerous black money, is welcome.
The bold stroke of demonetisation may rattle people, but it will definitely inject dynamism in a moribund economy. It’s time that the accumulation of black money should be nipped in the bud. Tax avoidance, tax evasion etc, ably guided and assisted by financial advisers, a bulk of whom have an accounting background, are at the base. The prevalent system of cash transaction and most of the black money being involved in the realty sector and hospitality industry needs to be brought within the system for tax purposes.