Note ban assumptions of black money with cash were wrong: Subhash Garg

Former economic affairs secretary Subhash Garg said that the demonetisation exercise was a misadventure with some successes and a lot of failures. In an interaction with Fortune India on his upcoming book, 'The $10 Trillion Dream', Garg says that while demonetisation achieved some objectives like dealing with the problem of counterfeit currency and terror funding, the government made certain wrong assumptions while doing the exercise. “Government’s assumption and equation of black money with cash was wrong. Cash is just a small manifestation of black money. It led to a second wrong assumption that one third of cash will not come back and to that extent one can gain. These were the biggest wrong assumptions,” Garg said.