New Delhi: Did markets already got a whiff of the announcement that government will take back Rs 500 and Rs 1,000 notes from the market. From last 2-3 days pictures of new Rs 2,000 notes were being circulated on the social media.
After withdrawing Rs 500 and Rs 1,000 notes, the Central government plans to introduce new series of Rs 2,000 notes this month. But by the way its pictures were already being circulated in the social media raises questions whether black marketers had the time to turn their black money either in gold or property or in extreme cases exchanged them for Rs 100 notes.
However, Economic Affairs Secretary Shaktikanta Das denied any such possibility. “This announcement has been surprise,” said Mr Das. However, he said that RBI board had taken a decision to print Rs 2,000 notes many days back and it was getting printed in the press. He indicated that someone may have taken a picture when these were being transported. “We will look into this,” said Mr Das.
Sources said the government had also increased the printing of Rs 100 banknotes. The government had been printing the Rs 2,000 notes so that it may be ready with infrastructure before withdrawing Rs 500 and Rs 1,000 notes. Gold has been one of the main sources of storing black money in India. Gold also ensure that value of black money does not go down with increase in inflation.
As far as real estate is concerned there have been studies which say that atleast 30 per cent of Indian real estate is funded by black money. The World Bank in July, 2010 estimated the size of the shadow economy for India at 20.7 per cent of the GDP in 1999 and rising to 23.2 per cent in 2007.
There are similar estimates made by other Indian and international agencies. A parallel shadow economy corrodes and eats into the vitals of the country’s economy.
