<div align="justify">Noted US-based economist T N Srinivasan has cast serious doubts on the efficacy of the cash ban move, saying it will not help in fighting the menace of blackmoney.<br /><br />Srinivasan of Yale University, who at one point taught RBI Governor Urjit Patel, emphasised that the government needs to come out with a "well thought-out" policy to combat corruption.<br /><br />"There was and is no well thought-out anti-corruption policy to combat corruption. Rooting out corruption and increasing transparency through a policy such as demonetisation as implemented in India are unlikely to come about," Srinivasan, Samuel C Park Jr Professor Emeritus of Economics, Yale University, told PTI.<br /><br />He further said, "Although understandably, the demonetisation was not pre-announced, the government's implementation showed extreme unpreparedness and lack of thought."<br /><br />Srinivasan also pointed out that the government chose to cancel notes of denomination Rs 500 and Rs 1,000, but it did not clearly come out with the objectives.<br /><br />"With all the technical manpower it had in the Central Statistics Office (CSO) and the Department of Economic Affairs in the Ministry of Finance, the government did not issue a white paper clearly laying out the objectives of demonetization," he said.<br /><br />Prime Minister Narendra Modi on November 8 announced the scrapping of the notes, pulling out 86 per cent of the total currency in circulation.</div>
<div align="justify">Noted US-based economist T N Srinivasan has cast serious doubts on the efficacy of the cash ban move, saying it will not help in fighting the menace of blackmoney.<br /><br />Srinivasan of Yale University, who at one point taught RBI Governor Urjit Patel, emphasised that the government needs to come out with a "well thought-out" policy to combat corruption.<br /><br />"There was and is no well thought-out anti-corruption policy to combat corruption. Rooting out corruption and increasing transparency through a policy such as demonetisation as implemented in India are unlikely to come about," Srinivasan, Samuel C Park Jr Professor Emeritus of Economics, Yale University, told PTI.<br /><br />He further said, "Although understandably, the demonetisation was not pre-announced, the government's implementation showed extreme unpreparedness and lack of thought."<br /><br />Srinivasan also pointed out that the government chose to cancel notes of denomination Rs 500 and Rs 1,000, but it did not clearly come out with the objectives.<br /><br />"With all the technical manpower it had in the Central Statistics Office (CSO) and the Department of Economic Affairs in the Ministry of Finance, the government did not issue a white paper clearly laying out the objectives of demonetization," he said.<br /><br />Prime Minister Narendra Modi on November 8 announced the scrapping of the notes, pulling out 86 per cent of the total currency in circulation.</div>