The Will to Change

The expected benefits of demonetisation in curbing the menace of corr­uption are overstated. The success of this move depends on a multiplicity of factors.

Demonetisation has definitely struck the stock of hoarded black money. But there is no need to believe that it will effectively be able to tackle the flow of black money in the future in the absence of sustained corresponding measures. A slew of measures will also be required in the areas where there is a possibility of black money getting diverted (say gold, land, foreign banks, etc). Moreover, a continuous follow-up will be necessary to ensure its long-term success. Irrespective of who comes to power at the centre in 2019 and thereafter, the policy will have to be carried forward with rigour.