We know that black money (currency) is only a small part of the black economy. However, this does not necessarily imply that it is not worthwhile to liquidate stocks of black money without simultaneously attacking other “illegally” acquired assets. The aggregate black economy is estimated at over 30 per cent of the formal economy. Modi has repeatedly announced that demonetisation is but the beginning and that other steps to curb black money are in the pipeline. Every country needs its “golden moment” to transform itself and surge ahead.

Source: Indian Express November 24, 2016 18:32 UTC