OPINION | Demonetization needs a Devil’s Advocate

Demonetization should be assessed through a prism of interconnected financial policies, affirmative action, and possible macroeconomic implications to make a stronger judgment call.

By Arjun Sreekumar

Image Attribute: Old denomination of INR 1000 / Creative Commons

Image Attribute: Old denomination of INR 1000 / Creative Commons 

Five months into demonetization, reporting interest on the topic has waned and the cacophony on how the policy measure was a burden has died down. Those following demonetization would’ve noticed that a positive report on the topic was a diamond in the rough whilst critique was borderline superfluous. Without the doubt, many negatives highlighted in these reports were relevant, but a fallacy in the majority of them was that demonetization was dissected as a stand-alone policy measure when in actuality it is not. Demonetization should be assessed through a prism of interconnected financial policies, affirmative action, and possible macroeconomic implications to make a stronger judgment call. Also, the analysis of the measure should be done vis-à-vis the objectives it set out to attain – eradicating black money, finding tax defaulters,  counterfeit currency and providing ancillary stimulus to the nation’s economy. 

Most sources peg the amount of black money in India between $ 44 and $76 Billion. We need to put the quantum of this money in perspective. The budget of two of the most important social security measures – the National Food Security Act 2013 and MGNREGA is rough $ 30 Billion, less than half of the highest projected amount of black money. Just imagine how much the nation’s social security budget can grow even if a fraction of this is reintegrated into the economy. Demonetization invalidated hoards of currency stocked by tax evaders. Many of these erring individuals had only one way to legitimize the hoarded cash – the Pradhan Mantri Garib Kalyan Yojana, an income declaration scheme the government introduced about a month after the demonetization exercise. Though the total amount collected under the income declaration scheme is not officially out, the penalties and taxes collected will form a significant chunk that the government can direct towards affirmative action that will lift people out of poverty and better health outcomes of the marginalized. Also, from a macroeconomic perspective, the income generated from the government through this may have positive ramifications on the nation’s fiscal deficit which in turn improves India’s borrowing power from global institutions. More credit is thus available for developmental measures in the long term. Domino effects of the demonetization such as these are clandestine, but many.

Demonetization pushed invalidated currency to be invested in bank accounts. This proved to be greatly beneficial in two ways. There have been many instances in the past where banks collude with clients to help convert black money into white. The Enforcement Directorate has started analyzing deposit patterns that happened post demonetization to identify banks which may have been involved in hawala transactions and money laundering. Inquiries are being conducted in at least 50 banks and probes are being conducted by the IT department, CBI and ED to identify and prosecute law-breakers. The trove of data yielded by the exercise is also being used to identify probable tax evaders by tracking account activity. 

The second benefit from the cash inflow is that $32 Billion has been deposited into bank accounts within 50 days post demonetization. Money locked away in vaults and hidden in safe places for years has been finally brought into circulation and is part of the formal economy now. Banks are flush with cash as a result of which interest rates have been lowered. The loans disbursed is poised to grow and the borrower does not feel the pinch of a high-interest rate. This will be a boon for many – the budding entrepreneur who needs funding to grow his venture, the manufacturing plant owner who needs liquidity infusion to build inventory and the farmer facing the setbacks of a bad crop season among others. Infrastructure, manufacturing, agriculture and services will thus have access to more funding indirectly having positive ramifications vis a vis job creation, GDP growth, FDI and increased foreign exchange reserves. 

Demonetization is also latently in concert with other government schemes and policies such as Start Up India, Stand Up India indicating a well thought out plan of action rather than an abrupt move. The move has also given a boost to the digital economy driving sales across many new start-ups. More importantly, it has instigated a behavioral change in many to go cashless, activate idle Pradhan Mantri Jan Dhan Yojana accounts and master digital payments. Many beneficiaries of social security assistance are more amenable to monetary benefits being directly transferred to their accounts now, thus cutting down middlemen. There’s a dual advantage here. The beneficiary gets the amount that was really due to him without pilferage and the government saves on distribution costs, thereby increasing the quantum of money available for social security schemes. This mutually reinforcing relationship is a consequence of demonetization.

And, of course, there is the security aspect of the move.For a nation like India which is ranked 8th on the Global Terrorism Index 2016, demonetization delivers an uppercut to terrorist/ Maoist funding. Millions of dollars worth of currency from sources such as extortion, “protection money”, arms dealing and drug trafficking are rendered worthless. Annually, seven billion Fake Indian Currency Notes (FICN) are pumped into the economy (mostly originating from Pakistan). Crores of FICN are rendered useless. Demonetization was a coup de grace against nonstate anti-national organizations, these cash-rich organizations reduced to a state of penury in a master stroke.

Without a doubt, the move has caused the public a lot of inconveniences. But we should not let ourselves be led by anecdotal evidence and political biases, the issue must be dissected by understanding the many interconnections in play – social, economic and security oriented. It is only then that the big picture starts to materialize - the picture of a strong economy, an equitable nation, and a leading industry.Citizens have to be patient to reap the rewards. It’s as the old axiom follows – Rome was not built in a day.

About the Author:

Arjun Sreekumar (TR RID: M-2366-2015) is an Industry Analyst and Consultant  – Aerospace, Defense, and Security in a leading Research and Consulting Firm.  He is intrigued by macro and micro economic policies and their latent manifestations. The views here are his own and do not represent views of the organization.

Cite this Article:

Sreekumar, A. "Demonetization needs a Devil’s Advocate", IndraStra Global Vol. 003, Issue No: 05, 2016 (0030), http://www.indrastra.com/2017/05/OPINION-Demonetization-Needs-Devil-s-Advocate-003-05-2017-0030.html | ISSN 2381-3652

AIDN0030520170030 / INDRASTRA / ISSN 2381-3652
Name

-51,1,3D Technology,2,5G,10,Abkhazia,2,Abortion Laws,1,Academics,11,Accidents,22,Activism,1,Adani Group,7,ADB,13,ADIZ,1,Adults,1,Advertising,31,Advisory,2,Aerial Reconnaissance,13,Aerial Warfare,36,Aerospace,5,Afghanistan,88,Africa,115,Agile Methodology,2,Agriculture,21,AI Policy,1,Air Crash,10,Air Defence Identification Zone,1,Air Defense,7,Air Force,29,Air Pollution,1,Airbus,5,Aircraft Carriers,5,Aircraft Systems,6,Al Nusra,1,Al Qaida,4,Al Shabab,1,Alaska,1,ALBA,1,Albania,2,Algeria,3,Alibaba,1,American History,4,AmritaJash,10,Antarctic,1,Antarctica,1,Anthropology,7,Anti Narcotics,12,Anti Tank,1,Anti-Corruption,4,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,2,APEC,1,Apple,3,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,3,Arctic,6,Argentina,7,Armenia,31,Army,3,Art,3,Artificial Intelligence,84,Artillery,2,Arunachal Pradesh,2,ASEAN,13,Asia,71,Asia Pacific,24,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,8,Australia,58,Austria,1,Automation,13,Automotive,133,Autonomous Flight,2,Autonomous Vehicle,4,Aviation,63,AWACS,2,Awards,17,Azerbaijan,17,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,2,Balance of Trade,3,Bali,1,Balkan,10,Balochistan,2,Baltic,3,Baluchistan,8,Bangladesh,30,Banking,53,Bankruptcy,2,Basel,1,Bashar Al Asad,2,Battery Technology,3,Bay of Bengal,5,BBC,2,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,3,Beto O'Rourke,1,BFSI,1,Bhutan,13,Big Data,30,Big Tech,1,Bilateral Cooperation,21,BIMSTEC,1,Biodiversity,1,Biography,1,Biology,1,Biotechnology,4,Birth,1,BISA,1,Bitcoin,11,Black Lives Matter,1,Black Money,3,Black Sea,2,Blockchain,33,Blood Diamonds,1,Bloomberg,1,Boeing,21,Boko Haram,7,Bolivia,7,Bomb,3,Bond Market,3,Book,11,Book Review,24,Border Conflicts,13,Border Control and Surveillance,7,Bosnia,1,Brand Management,14,Brazil,107,Brexit,22,BRI,5,BRICS,20,British,3,Broadcasting,16,Brunei,3,Brussels,1,Buddhism,1,Budget,5,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,1273,C-UAS,1,California,5,Call for Proposals,1,Cambodia,7,Cameroon,1,Canada,58,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,9,CAREC,1,Caribbean,10,CARICOM,1,Caspian Sea,2,Catalan,3,Catholic Church,1,Caucasus,9,CBRN,1,Cement,1,Central African Republic,1,Central Asia,82,Central Asian,3,Central Banks,1,Central Eastern Europe,49,Certification,1,Chad,2,Chagos Archipelago,1,Chanakya,1,Charity,2,Chatbots,2,Chemicals,7,Chemistry,1,Child Labor,1,Child Marriage,1,Children,4,Chile,10,China,599,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,2,Civil Liberties,5,Civil Rights,2,Civil Society,5,Civil Unrest,1,Civilization,1,Clean Energy,6,Climate,68,Climate Change,29,Climate Finance,2,Climate Studies,2,Clinical Research,3,Clinton,1,Cloud Computing,46,Coal,6,Coast Guard,3,Cocoa,1,Cognitive Computing,13,Cold War,5,Colombia,16,Commodities,5,Communication,13,Communism,3,Compliance,1,Computers,40,Computing,1,Conferences,2,Conflict,117,Conflict Diamonds,1,Conflict Resolution,49,Conflict Resources,1,Congo,2,Construction,5,Consumer Behavior,4,Consumer Price Index,5,COP26,4,COP28,1,COP29,1,Copper,3,Coronavirus,107,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,15,Counter Terrorism,81,COVID,9,COVID Vaccine,6,CPEC,8,CPG,5,Credit,2,Credit Rating,3,Credit Score,1,Crimea,4,Critical Minerals,1,CRM,1,Croatia,2,Crypto Currency,21,Cryptography,1,CSTO,1,Cuba,7,Culture,5,Currency,9,Customer Exeperience,1,Customer Relationship Management,1,Cyber Attack,10,Cyber Crime,2,Cyber Security & Warfare,118,Cybernetics,5,Cyberwarfare,16,Cyclone,1,Cyprus,5,Czech Republic,5,DACA,1,Dagestan,1,DARPA,3,Data,9,Data Analytics,36,Data Center,4,Data Science,2,Database,3,Daughter.Leslee,1,Davos,1,DEA,1,DeBeers,1,Debt,14,Debt Fund,1,Decision Support System,5,Defense,12,Defense Deals,8,Deflation,1,Deforestation,2,Deloitte,1,Democracy,22,Democrats,2,Demographic Studies,2,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,39,Digital Currency,3,Digital Economy,11,Digital Marketing,7,Digital Transformation,11,Diplomacy,14,Diplomatic Row,5,Disaster Management,4,Disinformation,2,Diversity & Inclusion,1,Djibouti,2,Documentary,3,Doklam,2,Dokolam,1,Dominica,2,Donald Trump,55,Donetsk,2,Dossier,2,Drones,14,E-Government,2,E-International Relations,1,Earning Reports,4,Earth Science,2,Earthquake,8,East Africa,2,East China Sea,9,eBook,1,Ebrahim Raisi,1,ECB,1,eCommerce,11,Econometrics,2,Economic Indicator,1,Economic Justice,1,Economics,46,Economy,115,ECOWAS,2,Ecuador,4,Edge Computing,2,Editor's Opinion,61,Education,67,EFTA,1,Egypt,28,Election Disinformation,1,Elections,55,Electric Vehicle,15,Electricity,7,Electronics,9,Elon Musk,1,Emerging Markets,1,Employment,23,Energy,317,Energy Policy,28,Energy Politics,27,Engineering,24,England,2,Enterprise Software Solutions,9,Entrepreneurship,15,Environment,48,ePayments,14,Epidemic,6,ESA,1,Ethiopia,4,Eulogy,4,Eurasia,3,Euro,6,Europe,15,European Union,237,EuroZone,5,Exchange-traded Funds,2,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,6,F-35,6,Facebook,9,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,6,Featured,1437,Federal Reserve,6,Fidel Castro,1,FIFA World Cup,1,Fiji,1,Finance,19,Financial Markets,60,Financial Planning,1,Financial Statement,2,Finland,5,Fintech,15,Fiscal Policy,14,Fishery,3,Five Eyes,1,Floods,2,Food Security,27,Forces,1,Forecasting,3,Foreign Policy,13,Forex,4,France,37,Free Market,1,Free Syrian Army,4,Free Trade Agreement,1,Freedom,3,Freedom of Press,1,Freedom of Speech,2,French Polynesia,1,Frigate,1,FTC,1,Fujairah,97,Fund Management,1,Funding,23,Future,1,G20,10,G24,1,G7,4,Gaddafi,1,Gambia,2,Gambling,1,Gaming,1,Garissa Attack,1,Gas Price,24,GATT,1,Gaza,16,GCC,11,GDP,14,GDPR,1,Gender Studies,3,Geneal Management,1,General Management,1,Generative AI,9,Genetics,1,Geo Politics,105,Geography,2,Geoint,14,Geopolitics,11,Georgia,12,Georgian,1,geospatial,9,Geothermal,2,Germany,72,Ghana,3,Gibratar,1,Gig economy,1,Glaciology,1,Global Markets,2,Global Perception,1,Global Trade,101,Global Warming,1,Global Water Crisis,11,Globalization,3,Gold,5,Google,20,Gorkhaland,1,Government,129,Government Analytics,1,Government Bond,1,GPS,1,Greater Asia,187,Greece,14,Green Bonds,1,Green Energy,3,Greenland,1,Gross Domestic Product,2,GST,1,Gujarat,6,Gulf of Tonkin,1,Gun Control,4,Hacking,5,Haiti,2,Hamas,12,Hasan,1,Health,8,Healthcare,72,Heatwave,2,Helicopter,12,Heliport,1,Hezbollah,3,High Altitude Warfare,1,High Speed Railway System,1,Hillary 2016,1,Hillary Clinton,1,Himalaya,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,2,Hong Kong,7,Horn of Africa,5,Housing,17,Houthi,13,Howitzer,1,Human Development,32,Human Resource Management,5,Human Rights,7,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,5,IAEA,2,ICBM,1,Iceland,2,ICO,1,Identification,2,IDF,1,Imaging,2,IMEEC,2,IMF,77,Immigration,21,Impeachment,1,Imran Khan,1,Independent Media,73,India,693,India's,1,Indian Air Force,19,Indian Army,7,Indian Nationalism,1,Indian Navy,28,Indian Ocean,25,Indices,1,Indigenous rights,1,Indo-Pacific,9,Indonesia,25,IndraStra,1,Industrial Accidents,4,Industrial Automation,2,Industrial Safety,4,Inflation,10,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insider Trading,1,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,4,International Business,13,International Law,11,International Relations,9,Internet,53,Internet of Things,35,Interview,8,Intra-Government,5,Investigative Journalism,4,Investment,33,Investor Relations,1,IPEF,1,iPhone,1,IPO,4,Iran,213,Iraq,54,IRGC,1,Iron & Steel,5,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,154,ISRO,1,IT ITeS,136,Italy,10,Ivory Coast,1,Jabhat al-Nusra,1,Jack Ma,1,Jamaica,3,Japan,95,JASDF,1,Jihad,1,JMSDF,1,Joe Biden,8,Joint Strike Fighter,5,Jordan,7,Journalism,6,Judicial,4,Julian Assange,1,Justice System,3,Kamala Harris,3,Kanchin,1,Kashmir,10,Kaspersky,1,Kazakhstan,26,Kenya,6,Khalistan,2,Kiev,1,Kindle,700,Knowledge Management,4,Korean Conflict,1,Kosovo,2,Kubernetes,1,Kurdistan,8,Kurds,10,Kuwait,7,Kyrgyzstan,9,Labor Laws,10,Labor Market,4,Ladakh,1,Land Reforms,3,Land Warfare,21,Languages,1,Laos,2,Large language models,1,Laser Defense Systems,1,Latin America,84,Law,6,Leadership,3,Lebanon,12,Legal,11,LGBTQ,2,Li Keqiang,1,Liberalism,1,Library Science,1,Libya,14,Liechtenstein,1,Lifestyle,2,Light Battle Tank,1,Linkedin,1,Lithium,1,Lithuania,1,Littoral Warfare,2,Livelihood,3,Loans,11,Lockdown,1,Lone Wolf Attacks,3,Lugansk,2,Macedonia,1,Machine Learning,8,Madagascar,1,Mahmoud,1,Main Battle Tank,3,Malaysia,12,Maldives,13,Mali,7,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,16,Marijuana,1,Marine Biology,1,Marine Engineering,3,Maritime,51,Market Research,2,Marketing,38,Mars,2,Martech,10,Mass Media,30,Mass Shooting,1,Material Science,2,Mauritania,1,Mauritius,3,MDGs,1,Mechatronics,2,Media War,1,MediaWiki,1,Medical,1,Medicare,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,19,Meta,3,Metadata,2,Metals,4,Mexico,14,Micro-finance,4,Microsoft,12,Migration,19,Mike Pence,1,Military,113,Military Exercise,12,Military Service,2,Military-Industrial Complex,3,Mining,16,Missile Launching Facilities,6,Missile Systems,58,Mobile Apps,3,Mobile Communications,12,Mobility,4,Modi,8,Moldova,1,Monaco,1,Monetary Policy,6,Money Market,2,Mongolia,11,Monkeypox,1,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,2,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Mutual Funds,2,Myanmar,30,NAFTA,3,NAM,2,Namibia,1,Nanotechnology,4,Narendra Modi,4,NASA,14,NASDAQ,1,National Identification Card,1,National Security,5,Nationalism,2,NATO,34,Natural Disasters,16,Natural Gas,33,Natural Language Processing,1,Nauru,1,Naval Aviation,1,Naval Base,5,Naval Engineering,24,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,50,Navigation,2,Navy,23,NBC Warfare,2,NDC,1,Nearshoring,1,Negotiations,2,Nepal,13,Netflix,1,Neurosciences,7,New Caledonia,1,New Delhi,4,New Normal,1,New York,5,New Zealand,7,News,1332,News Publishers,1,Newspaper,1,NFT,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nikki Haley,1,Nirbhaya,1,Noble Prize,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,23,North America,56,North Korea,60,Norway,5,NSA,1,NSG,2,Nuclear,41,Nuclear Agreement,32,Nuclear Doctrine,2,Nuclear Energy,7,Nuclear Fussion,1,Nuclear Propulsion,2,Nuclear Security,47,Nuclear Submarine,1,NYSE,2,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,5,OFID,5,Oil & Gas,388,Oil Gas,7,Oil Price,77,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,5,Online Reputation Management,1,OPEC,130,Open Access,1,Open Journal Systems,2,Open Letter,1,Open Source,4,OpenAI,2,Operation Unified Protector,1,Operational Research,4,Opinion,709,Opinon Poll,1,Optical Communications,1,Pacific,5,Pakistan,183,Pakistan Air Force,3,Pakistan Army,1,Pakistan Navy,3,Palestine,27,Palm Oil,1,Pandemic,84,Papal,1,Paper,3,Papers,110,Papua New Guinea,2,Paracels,1,Partition,1,Partnership,1,Party Congress,1,Passport,1,Patents,2,PATRIOT Act,1,Payment Orchestration,1,Peace Deal,6,Peacekeeping Mission,1,Pension,1,People Management,1,Persian Gulf,19,Peru,6,Petrochemicals,1,Petroleum,19,Pharmaceuticals,15,Philippines,19,Philosophy,2,Photos,3,Physics,1,Pipelines,6,PLA,2,PLAN,4,Plastic Industry,2,Poland,8,Polar,1,Policing,1,Policy,8,Policy Brief,6,Political Studies,1,Politics,56,Polynesia,3,Pope,1,Population,7,Portugal,1,Poverty,8,Power Transmission,6,Preprint,1,President APJ Abdul Kalam,2,Presidential Election,35,Press Release,158,Prison System,1,Privacy,18,Private Debt Fund,1,Private Equity,3,Private Military Contractors,2,Privatization,1,Programming,1,Project Management,4,Propaganda,5,Protests,14,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publications,1,Publishing,8,Purchasing Managers' Index,1,Putin,7,Q&A,1,Qatar,114,QC/QA,1,Qods Force,1,Quad,1,Quantum Computing,4,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,2,Rahul Guhathakurta,4,Railway,9,Raj,1,Ranking,4,Rape,1,RBI,1,RCEP,2,Real Estate,7,Recall,4,Recession,2,Red Sea,6,Referendum,5,Reforms,18,Refugee,23,Regional,4,Regulations,2,Rehabilitation,1,Religion,1,Religion & Spirituality,9,Renewable,18,Report,4,Reports,54,Repository,1,Republicans,3,Rescue Operation,2,Research,5,Research and Development,25,Restructuring,1,Retail,36,Revenue Management,1,Revenue-based Financing,1,Rice,1,Risk Management,5,Robotics,8,Rohingya,5,Romania,3,Royal Canadian Air Force,1,Rupee,1,Russia,328,Russian Navy,6,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,6,SAR,1,SAT,1,Satellite,14,Saudi Arabia,130,Scandinavia,6,Science & Technology,407,Science Fiction,1,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,4,Securities,2,Security,6,Semiconductor,21,Senate,4,Senegal,1,SEO,5,Serbia,4,Services Sector,1,Seychelles,3,SEZ,1,Shadow Bank,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shinzo Abe,1,Shipping,11,Shutdown,2,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,5,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,17,Situational Awareness,20,Small Modular Nuclear Reactors,1,Smart Cities,7,Smartphones,1,Social Media,1,Social Media Intelligence,40,Social Policy,40,Social Science,1,Social Security,1,Socialism,1,Sociology,1,Soft Power,1,Software,8,Software Engineering,1,Solar Energy,17,Somalia,5,South Africa,20,South America,55,South Asia,498,South China Sea,36,South East Asia,84,South Korea,68,South Sudan,4,Sovereign Wealth Funds,1,Soviet,2,Soviet Union,9,Space,47,Space Station,3,Spaceflight,1,Spain,9,Special Education,1,Special Forces,1,Sports,3,Sports Diplomacy,1,Spratlys,1,Sri Lanka,26,Stablecoin,1,Stamps,1,Startups,43,State,1,State of the Union,1,Statistics,1,STEM,1,Stephen Harper,1,Stock Markets,29,Storm,2,Strategy Games,5,Strike,1,Sub-Sahara,4,Submarine,16,Sudan,6,Sunni,6,Super computing,1,Supply Chain Management,48,Surveillance,13,Survey,5,Sustainable Development,18,Swami Vivekananda,1,Sweden,4,Switzerland,6,Syria,113,Taiwan,34,Tajikistan,12,Taliban,17,Tamar Gas Fields,1,Tamil,1,Tanzania,4,Tariff,5,Tata,3,Taxation,25,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,24,Telematics,1,Territorial Disputes,1,Terrorism,78,Testing,2,Texas,3,Thailand,12,The Middle East,665,Think Tank,317,Tibet,3,TikTok,2,Tim Walz,1,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,3,TPP,2,Trade Agreements,14,Trade War,10,Trademarks,1,Trainging and Development,1,Transcaucasus,22,Transcript,4,Transpacific,2,Transportation,47,Travel and Tourism,16,Tsar,1,Tunisia,7,Turkey,75,Turkmenistan,10,U.S. Air Force,3,U.S. Dollar,2,UAE,140,UAV,23,UCAV,1,Udwains,1,Uganda,1,Ukraine,117,Ukraine War,30,Ummah,1,UNCLOS,7,Unemployment,2,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,86,United Nations,29,United States,788,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,12,US Army Aviation,1,US Congress,1,US Dollar,1,US FDA,1,US Navy,18,US Postal Service,1,US Senate,1,US Space Force,2,USA,16,USAF,22,USV,1,UUV,1,Uyghur,3,Uzbekistan,13,Valuation,1,Vatican,3,Vedant,1,Venezuela,22,Venture Capital,4,Vibrant Gujarat,1,Victim,1,Videogames,1,Vietnam,26,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,18,Water Politics,8,Weapons,11,Wearable,2,Weather,2,Webinar,1,WeChat,1,WEF,3,Welfare,1,West,2,West Africa,19,West Bengal,2,Western Sahara,2,Whales,1,White House,1,Whitepaper,2,WHO,3,Wholesale Price Index,1,Wikileaks,2,Wikipedia,3,Wildfire,1,Wildlife,3,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,14,Workers Union,1,Workshop,1,World Bank,40,World Economy,33,World Peace,10,World War I,1,World War II,3,WTO,6,Wyoming,1,Xi Jinping,9,Xinjiang,2,Yemen,29,Yevgeny Prigozhin,1,Zbigniew Brzezinski,1,Zimbabwe,2,
ltr
item
IndraStra Global: OPINION | Demonetization needs a Devil’s Advocate
OPINION | Demonetization needs a Devil’s Advocate
Demonetization should be assessed through a prism of interconnected financial policies, affirmative action, and possible macroeconomic implications to make a stronger judgment call.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-Ihsox_fxiWZVjdXdzBeIvRpnZ7PlVDwrcOa9NloZOx7asSicUJ68jyRcCM6edD2Z5F_pOsS6g7TMTKQEwziH-GufoVBiTTFL4CtxcZqJItnCt6aoi8GKZgyMtHYzZPGs-vOSRqBrTv90/s640/10002.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-Ihsox_fxiWZVjdXdzBeIvRpnZ7PlVDwrcOa9NloZOx7asSicUJ68jyRcCM6edD2Z5F_pOsS6g7TMTKQEwziH-GufoVBiTTFL4CtxcZqJItnCt6aoi8GKZgyMtHYzZPGs-vOSRqBrTv90/s72-c/10002.jpg
IndraStra Global
https://www.indrastra.com/2017/05/OPINION-Demonetization-Needs-Devil-s-Advocate-003-05-2017-0030.html
https://www.indrastra.com/
https://www.indrastra.com/
https://www.indrastra.com/2017/05/OPINION-Demonetization-Needs-Devil-s-Advocate-003-05-2017-0030.html
true
1461303524738926686
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content