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Different sectors of India are experiencing both emotional and financial turmoil, what should be govt's next step to make sure this step doesnt bite them back?
Post the demonetization, it now appears that the government will re-introduce the voluntary income disclosure scheme. I do agree that the idea has merit as a 'good cop, bad cop' tactic. My gut feel is that rather than black money, what this does affect immediately is the supply of fake currency in the system. This was a growing menace which has been temporarily stopped in its tracks. Again, I use the word 'temporarily' because it appears that there are no new security features in the new bank notes.
In the short-term, deficient planning and preparation meant pain to a lot of the unbanked population. Newspapers report around 70 deaths attributable to the demonetization. For any developed country, this would be a cost too high for so marginal a benefit. In the long term, the plan would only work if the government is able to go after the routes through which black money is generated, disseminated and stored. This means cracking down on various commodities and land deals. This is easier said than done.