Their income levels and the sectors that they work in are such that they would not have fallen under the income tax net even if they were dealing in cheques or other such non-cash alternatives. It is obvious, therefore, that a currency note per se is neither black nor white.įor example, street vendors selling fruits and vegetables or the labourer working on a construction site or the kabadiwala or many others in the unorganised sector deal only in cash but that does not make these transactions illegal or part of the black economy. Simply put, black economy constitutes of the transactions in an economy that escape the tax net. This assumption lies at the heart of the exercise of demonetisation but unfortunately that is the biggest flaw of this policy. This conception of black economy is incorrect. The claims presented below are by no means exhaustive but they could be seen as broadly the areas of concern. Let us engage with various arguments advanced to claim that demontisation was a good idea.

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