September 7 2018
The government is caught in a Catch-22 situation. On the one hand, banks appear to have been the biggest laundry for unaccounted cash, with 99.3% of demonetised currency having returned to the banking system. But, on the other, it now turns out that the Pradhan Mantri Jan-Dhan Yojana (PMJDY), which is touted as a ‘boon to the poor people’ of India, was an important route for laundering this cash and depositing it in banks. Many experts had warned that this would happen, especially after the Aadhaar linkage. We now have proof.