The credibility of the Reserve Bank of India and the entire banking system was dented, since they faced enormous problems dealing with the sudden rush.
What it meant for cabinet functioning and later for parliament where Modi did not make any statement in spite of the demand from the opposition is another matter. The prime minister implied in his speech announcing demonetisation that it was his decision and even his cabinet colleagues did not know of it. So, demonetisation was the ‘ brahmastra’ to slay the demon of black money and silence the critics. Modi likely thought something drastic had to be done, especially before the Uttar Pradesh elections. The opposition taunted the prime minister on his failure during the state assembly elections.Īlso read: The Vast Difference Between What Demonetisation Achieved and How It Was Perceived But none of them yielded the desired results. After that, other steps like the Foreign Money Bill, Income Declaration Scheme and so on were announced to check the black economy. The first step the new government undertook in May 2014 was to set up of the Supreme Court-monitored SIT on black money. But nothing came and many of these accounts remained zero-balance accounts. Many believed this and when Jan Dhan Yojna was announced, many opened accounts believing that money would come into these accounts.
In fact, he said there was so much black money abroad that if it was brought back, each Indian family could get Rs 15 lakh. This implies a belief that the policies implemented to check the black economy in the last five years have been successful and demonetisation was the big bang policy.ĭuring the 2014 election campaign, Narendra Modi promised that he would eliminate the black economy in India and would get back all the black money held abroad. The prime minister recently said in Thailand that red-tapism, cronyism and corruption are history in India and it has become one of the most attractive destinations for investment. What can we now say about this surgical strike which led to chaotic conditions across the country for months? Three years ago, demonetisation was announced on the night of November 8, 2016. The heart of this book is a completely new.
If the EHMs can't maintain the corrupt status quo through nonviolent coercion, the jackal assassins swoop in. Finally, he gives an insider view of what we each can do to change it.Economic hit men are the shock troops of what Perkins calls the corporatocracy, a vast network of corporations, banks, colluding governments, and the rich and powerful people tied to them. Then he reveals how the deadly EHM cancer he helped create has spread far more widely and deeply than ever in the US and everywhere else-to become the dominant system of business, government, and society today. Former economic hit man John Perkins shares new details about the ways he and others cheated countries around the globe out of trillions of dollars. Featuring 15 explosive new chapters, this new edition of the New York Times bestseller brings the story of Economic Hit Men up-to-date and, chillingly, home to the U.S.?but it also gives us hope and the tools to fight back.
Read Online and Download The New Confessions of an Economic Hit Man.