Bengaluru: Awareness drive on demonetisation

Bengaluru: The Bangalore Chamber of Industry and Commerce on Friday held a panel discussion – “Promoting transparency: Ethical and moral dimension” – on demonetisation on Friday. Samiran Chakraborty, chief economist, Citibank, spoke at length about the economic dimension of the demonetisation policy and its impact. “All sorts of speculation and conspiracy theories are going on, but it’s tough to say what exactly happened. However, the move will make people reconsider the way they run their businesses, which will indirectly help the government to curb black money in the future,” he said.

He felt that making the informal economy formal will be challenging. “If we move towards a less cash economy, it will increase the tax base and the government will get more money. But it’s tough to measure the fiscal benefit of removing black money,” he said.