Scrapping currency cannot deliver corruption-free India: Chinese media

November 14, 2016 12:27

India's decision to demonetise Rs 500 and Rs 1,000 currency notes was "bold and decisive" but the "risky" move is far from delivering a corruption-free country, the Chinese media said on Monday.

However, the op-ed in the Global Times hailed Prime Minister Narendra Modi for his "startling and sudden move" which has created a mayhem-like situation in India causing great inconvenience to millions who could be seen waiting endlessly in the long and winding queues to get old currency exchanged in the banks.

"The new policy to scrap India's two largest denomination rupee notes is considered a risky, but a bold and decisive step. And yet, delivering a corruption-free country requires more than banning currency notes." the daily said.

"Modi means well and his decision was made based on the reality in India, since most illegal business in the underground economy is cash-only and 500 and 1,000 rupee notes constitute over 80 per cent of all cash circulation in India. Nevertheless, we can hardly count on the new rule to fully root out corruption," the write-up authored by Ai Jun said.

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