Black money is a big menace in the Indian economy. It was said that if India gets succeed in collecting half amount of the current black money figures, then it could certainly become one of the top powerful nations in the world, if used properly in the development and infrastructure. Now you can imagine how intensely black money is dominating our country. It is adversely affecting the nation in the way like the poor becoming much poor, whereas the rich are getting even richer.
There are businesses that run heavily on black money transactions like real estate, textile, fertilizer, agriculture, and FMCG, etc. Black money transactions for economic activities in India are the main culprit for high tax evasion, terrorist activities, fake currency in the economy, low per capita income, and low GDP growth in India.
It was a historic event on 8th November, when the Prime Minister of India, Mr.Narendra Modi, declared the demonetization of 500 and 1000 INR currency notes. This was historic in the execution as well as it was very sudden and did not give any chance to black money holders to adjust the same. Lot of Indian citizens are supporting this marvelous and bold move though it created some inconveniences to citizens. Time will tell if these small inconveniences are worth the economic gains that economists are predicting. As a Custom software development company in India, we could not resist thinking of ways a technology can assist in managing the chaos and long queues at banks and ATMs.