May 19, 20242 yr Author 25 minutes ago, paaparao said: simple ga summarized below. Demonetization: black money suddenly flooded market and went into real estate making it unaffordable to middle class and poor. none of the black money holders went to jail. everything became white via real estate and jewellery. demonetization impact is so bad that it killed parallel grey market (secondary economy) which included toursim, travel, auto sector, gold etc. this grey market was major jobs generator which got killed. Banks lost so much money in this that they transformed those losses via additional fees and increase of existing fees. due to cash shortage, business was down by more than 60% on average for small to medium traders. result is that they got trapped into debts. many of them could not recover as GST in 2018 killed their business again. govt. itself lost so much money on this.
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