Letter to BS: Modi govt should be more careful before introducing policies

It would appear that there was no black money, that is, unaccounted-for wealth in the country or the same had been exchanged for new currency through various means

The Reserve Bank of India has now officially stated that 99.3 per cent of the demonetised currency notes of Rs 1,000 and Rs 500 were returned by Indians to banks and exchanged for the new currency notes. Demonetisation was initiated by the government in November 2016 on the ground that the amount of unaccounted wealth in the country would be exposed. Prime Minister Narendra Modi had announced that the loot of 70 years by many people would be exposed. So the basic objective of demonetisation seems to have been squandered since almost the entire currency in the country was returned