All black money is not held as hoarded cash and at best constitutes 6% of the black money.
After the revolutionary decision taken by Prime Minister Modi to demonetize 86% of India’s total currency, the country is going on a downward spiral. But this seems to be only a “small inconvenience” as all of India’s black money is supposedly being flushed out. Even though all black money is not held as hoarded cash and at best it constitutes 6% of the black money, the government is trying hard to convince the people otherwise. Bulk of it is spirited away in tax free havens like Switzerland and other names revealed in Panama papers. From there it is invested through mail box corporations in equity, real estate and bullion all over the world. It is a matter of utmost irony that a number of the celebrities who endorsed the demonetization scheme figure in the list of names of people who used the illegal offshore accounts in places like Panama.
Courtesy: Newsclick.in