Arun Shourie: Demonetisation, a strike on cash transactions, not black money

Arun Shourie

New Delhi, Nov 18, 2016: Former Union Minister Arun Shourie has said that the demonetisation idea was not “well thought out”, even as the stated objective of the move may be good.

It seems like Modi government is facing hardship these days as there own party Ministers is not supporting there move to curb black money by demontising Rs 500 and Rs 1000 notes.

In an interview to NDTV, Shourie said that “The stated objective of getting at black money, everybody would say is wonderful. But I don’t think this is the strike, which has been well thought through.”

“This is a strike not on black money. It is a strike on the legal tender of India, on the currency. It is a strike on cash transactions,” he told a news channel.

While mocking the claim of demonetisation of high-value currencies being a radical measure, Shourie stated that jumping into well or committing suicide is also radical. He added that if you want to make a beginning, make a beginning on reforming the tax administration.

Shourie, who held key portfolio in the Atal Bihari Vajpayee government, said, “People who hold this black money or black assets don’t hold it in cash…they are not going to put their money under the mattress…they are holding it abroad, and there also they are not dollars, in gunnybags. It is property, jewelry, maybe other assets which we don’t know about, maybe stock markets.”

 Wefornews Bureau

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