New Delhi: The Chinese media have reacted to the sudden demonetisation move introduced by the NDA government which declares that the Rs 500 and Rs 1000 note will not be legal tender anymore. While calling the transition ‘brave’ and ‘fierce’, the article has expressly reserved from reaffirming on the positive aspects of this move which promises black money wipe-out.
State-run Chinese media Global Times, in an article termed ‘Beijing offers clues for Modi’s new anti-corruption moves’ says that the Indian people should hardly count on the demonetisation move to ‘fully root out corruption’ in India.
“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 percent of all cash circulation in India. Nevertheless, we can hardly count on the new rule to fully root out corruption,” the Global Times said.
Reiterating on that point, the article mentioned that China was also battling corruption and had taken effective decisions in the recent years to eradicate it in the country. “Since Modi assumed office, he has carried out a number of measures to crack down on black money, corruption and tax evasion. However, many of them are believed to be without teeth and can’t begin to scratch the surface of the problems he faces. 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 key should be reforming systems. In this regard, New Delhi might need to look for ideas from Beijing,” mentions the article.
“Over the years, China promoted anti-corruption laws, improved the supervision system, deepened judicial system reforms and adopted measures to make sure the system is transparent. For instance, China’s foreign ministry has lately published information about the families of 12 senior officials on its website in an effort to fight against corruption through familial networks by improving transparency. These steps are taken to ensure that achievements made in the struggle against corruption can be consolidated by laws and systems.”
India is witnessing frantic scenarios as people are rushing to ATMs, banks to complete their transactions before the deadline window set by Prime Minister Narendra Modi. New Rs 500 notes have been circulated widely to bring Rs 2000 notes circulation into balance.