If the government thought that by introducing new Rs.2000 notes, black money will be eliminated, it was completely mistaken. Not even 5% of black money could not be unearthed.
In addition, confiscating of counterfeit of new Rs. 2000 notes worth crores of rupees has established that there are counterfeit notes of crores of rupees. This is because it is the same security features that was used in the 2005 period that is used in the printing of the new notes. Now, the government is thinking about changing notes every four or five years.
Had the government taken sufficient preparations for printing the new notes, this position would not have come. Hasty decisions for publicity without due consultations and preparations become foolhardiness. The decision can be compared to the two foolish decisions of Mohammed bin Tuglak – The shifting of capital from Delhi to Daulatabad and the minting of new bronze coins in place of gold and silver coins. Counterfeit bronze coins were minted and circulated by many unscrupulous gangs and the entire economy was at risk. Tuglak was compelled to cancel both his decisions after utter failure.
Is Modi Government treading the same path?