DeMo Critics Need To Pipe Down: FM’s Deposit Numbers Suggest Big Black Money Catch
[The human and institutional costs of DeMo no longer look unacceptable, given the potential scale of black money discovered in the deposits surge]
Not too many people commented on the biggest set of numbers revealed by Finance Minister Arun Jaitley in his 2016-17 budget:
not the fiscal deficit, not the tax collections, but the sheer size of deposits made in several crore accounts post-demonetisation.
If nothing else, the knowledge that so many Indians hoarded so much cash in their homes and offices, much of it probably undisclosed incomes, is itself worth the whole effort.
Barring TN Ninan, who wrote about this huge cache of potential black money in his Business Standard column, few people took note.
This is what Jaitley said in his budget speech:
After the demo...
