DEMONETISATION WILL NOT
TRACE CORRUPT MONEY-
FRENCH NOBEL LAUREATE JEAN
TIROLE
French Nobel laureate Jean Tirole on Thursday
said demonetisation “can’t catch much of corrupt money” although it will make
corruption more difficult in the future.“You cannot get the corrupt money right
away because the money has already been invested in real estate, gold and other
things,” the economist said at a lecture organised by Presidency University.“It
will make future corruption more difficult,” he said, when asked on demonetization.
. Cashless economy, according
to him “is a good thing” but “it has to be ensured that poor people who are
most dependent on cash do not suffer”.
Expanding
on demonetisation, Tirole referred to similar attempts in Scandinavian countries
but cautioned that situation in India is different.“People
want to get rid of cash for several reason and you see that in Scandinavia for
example, Denmark and Sweden are trying to get rid of cash because it is more
convenient. In India, the reason is to get rid of corruption,” he said.
Prof. John Kurakar
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