Prime Minister Narendra Modi had announced Demonetization earlier last month in a bid to eradicate Black Money, Terror Funding, and Counterfeit Currency. While the other targets are easy, Black Money eradication is becoming increasingly difficult as the corrupt are finding ways to convert the Banned Notes.
It is evident from the numerous raids that are going on across the country. While common people are struggling to lay hands on the new 2000 Notes, these Black Sharks are hoarding them big time. One Shekar Reddy from Tamil Nadu alone was caught with about 2000 Crore Black Money.
Until now, we have seen bankers getting involved in this conversion mess but then preliminary investigation in Shekar Reddy’s case revealed that the new 2000 Notes were obtained directly from the mint revealing high-level corruption. If premiere institutions like RBI and mints are corrupted in the country, the situation is very alarming.
While several Black Sharks are getting caught, people are of the opinion they are only a minuscule percentage of the total offenders. In all probability, the gains from this Demonetization are likely to negligible and all the pains people have felt due to it may all go in vain.