Aim of the Demonetization

The aim of the action was fourfold. To curb:

1. Corruption
2. Counterfeiting
3. The use of high denomination notes for terrorist activities
4. The accumulation of “black money”, generated by income that has not been declared to the tax authorities

Demonetisation was aimed at signalling a regime change, emphasizing the government’s determination to penalize illicit activities and the associated wealth. In effect, the tax on all illicit activities, as well as legal activities that were not disclosed to the tax authorities, was sought to be permanently and punitively ....