Finance Minister Dr. Swarnim Wagle has clarified that demonetization will not be implemented anytime in the near future. His statement comes amid rumors that the government is considering such a move as a measure to control corruption and curb black money.
Some policymakers have suggested demonetization as an alternative tool to address corruption. However, Wagle—who is also the Vice President of the Rastriya Swatantra Party, which secured nearly a two-thirds mandate following the Gen Z movement—dismissed the idea while assuming office at the Ministry of Finance.
India previously implemented demonetization with the aim of bringing black money into the formal economy. However, the move is widely argued to have caused more harm than benefit to the economy.
