The CMD of Biocon Ltd, which was rated among the world's top ten employers in the biotechnology industry by an international magazine recently, said she is confident that the demonetised currency would be replaced by the new notes reasonably soon.
"The objectives of flushing out counterfeit currency, illicit funding of businesses and illicit activities including extremism and terrorism and 'havala' transactions will certainly be achieved," Mazumdar-Shaw told PTI.
Stating that certain businesses would be temporarily affected, especially real estate and jewellery, among others, following the move, Mazumdar-Shaw said she is confident that agriculture and SMEs would recover.
"Most importantly, I see this as an opportunity to leapfrog into a digital cashless economy," she said.
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On measures needed to prevent accumulation of fresh black money, Mazumdar-Shaw said: "That's really what needs tracking and a strong monitoring strategy."
"However, there is likely to be downward revision in real estate pricing and hopefully gold, which is good for the economy as it will spur purchasing power," she said.
"That's a concern I have as I am not convinced that corruption can be completely weeded out," she responded when asked if she thought corruption can be fully eliminated.
On whether cash donations to political parties should stop, Mazumdar-Shaw -- who was recently conferred with the highest French civil distinction 'Chevalier de la Legion d'Honneur' (Knight of the Legion of Honour) -- said: "No. In fact, we should make sure there is a complete transparency in political funding," adding, political parties should be brought under the ambit of RTI.
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