The Chinese media on Monday claimed India’s decision to demonetize the high-value currency is a “bold and decisive” move but it won’t make India a corruption-free country.
Prime Minister Narendra Modi, earlier, in a surprise announcement said that the notes of Rs 500 and Rs 1000 will no longer have a legal tender. However, this move by the Indian government has led to major inconvenience and chaos among the people as they stand in long queues outside the banks and ATMs for hours to exchange their old currency.
A China’s daily Global times narrated that “The new policy to scrap India’s two largest denomination rupee notes is considered a risky, but a bold and decisive step. And yet, delivering a corruption-free country requires more than banning currency notes.”
Ai Jun wrote: “Modi means well and his decision was made based on the reality in India since most illegal business in the underground economy is cash-only and 500 and 1,000 rupee notes constitute over 80 per cent of all cash circulation in India. Nevertheless, we can hardly count on the new rule to fully root out corruption.”
The piece said although Prime Minister Narendra Modi has taken a number of steps to end corruption those measures “are without teeth and can’t scratch the surface of the problem”.
“More time is needed to see whether Modi’s new policy will turn into a huge blow against corruption in India. The hard truth is that the corrupt and fraudulent won’t just conduct shady deals by using cash, but with gold, real estate, and overseas assets. Corruption can be bred in a variety of ways. Blocking the circulation of large currency bills is without question far from enough,” the commentary argued.
It said the key to weed out corruption was reforming the system. It narrated that the only way to throw out corruption is to reform the system and advised India to consider China’s method to weed out corruption.
“Over the years, China promoted anti-corruption laws, improved the supervision system, deepened judicial system reforms and adopted measures to make sure the system is transparent.”
For instance, China’s foreign ministry has lately published information about the families of 12 senior officials on its website in an effort to fight against corruption through familial networks by improving transparency,” it added.
Chinese government claim that over 1 million officials have been punished for the crime of corruption in past three years is the result of President Xi Jinping’s anti-graft drive.