The Modi government on Thursday asserted in the Supreme Court that the “bold move” of demonetisation would eradicate black money and slush funds operating since Independence which cast a “parallel economy” hitting the poor and the middle class. Further, demonetisation is seen as a check on the real estate sector where prices get pushed up artificially, reducing the availability of affordable housing for the poor and the middle class. Further, the scheme impacts several sectors in the short-term but promises large benefits in the economy in the medium-term,” the affidavit said. The poor and middle class, who are worst sufferers due to black money, will be benefited. It will reduce tax avoidance and bring more transactions into the formal economy,” it said.

Source: Hindustan Times November 24, 2016 19:22 UTC