ABSTRACT
Demonetisation only makes certain currency notes illegal from a particular date. It does not change the legal status of the personal accounts. Demonetisation was presented as simultaneously an attack on corruption and on terror. A major point of discussion in this entire exercise has been the legality of the abrupt demonetisation and the denial of the right to exchange old notes. The 'commercial' limb of black money usually results from tax evasion by attempting to hide transactions and any audit trail relating thereto, leading to evasion of one or more taxes. The essence of unearthing 'black money' lies therefore in tracking down 'black activities', not in attacking money-holdings per se. Even if we accept the assumption that demonetisation would reduce the prevalence of counterfeit currency at least for some time, there was no need for such a sharp and sudden withdrawal of the old notes.
