New Delhi [India], December 13 (ANI/PNN): India’s quest to eradicate black money has been a long one considering the prominence of cash over digital currency and the gigantic population which previously believed in stashing cash under their mattresses. Will the advent of Central Bank Digital Currency take India towards the five trillion economy dream? Black money has been a problem for every world economy as it hollows out the entire financial system. It is unaccounted money which is earned by carrying out illegal activities such as money laundering, terrorism financing, running a drug or human trafficking racket etc. In 2016, the Government of India decided to take the drastic and discreet step of demonetization. The country was facing a cash crunch for a period of time however it was a step that would be beneficial in curbing black money hoarders.
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