Jumla is the new black: Has Modi really rescued India from black money?
Modi's demonetisation drive marks a break from past practice but his claim is just a jumla It’s hard to tell whether demonetisation will turn out to be a bold hit or a costly miss, but it appears to many that the government has taken the black money bull by the horns. Announcing the withdrawal of Rs 500 and Rs 1000 notes, Prime Minister Narendra Modi listed several steps that his government had taken so far in its war on black money: Looks impressive, what’s not to like? Just that, once you discount the hype, it’s not very different from what’s been done by past governments, whether the United Progressive Alliance (UPA) or the United Front (UF). Show me the money Consider the figure of Rs 1,25,000 crore collected over two-and-a-half years. The government hasn’t provided a break-up, but based on finance ministry replies to parliamentary questions, it includes the following: Rs 65,250 crore declared under the 2016 Income Disclosure Scheme (of which 45% wi...