Following are the reasons why, more than death of black money, the move to demonetize big value currency is just death by Queue for the common man
1. Inconvenience to common man: 94% of black wealth is kept in non-cash assets like gold, diamonds, Jewelry, real estate and financial assets in networks of shell companies. It is only the common man which has been inconvenienced by this move.
2. No help for common man: While black money hoarders can get away with paying penalties, common man is struggling to lead a normal existence.
3. One-time measure: That is a one-time measure and a temporary set-back for counterfeit currency dealers. Fake currency in new notes and new denominations (like the 2000 rupee note) will start.
While the PM sheds momentary tears for the common man, the common man has no time for tears. The Queue is long and the day short. Whether or not black money dies out, the common man’s will to put up certainly has.