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The landmark decision of the Modi Government to cease the operation of high denomination currency of $500 and $1000 is a welcome initiative taken towards the gradual strangulation of menace of corruption, financial viability of terrorism and the malignant market of fake currency to mention a few.If it is successfully accompanied by other denominations of economic reforms being in progress,it will gradually set in motion a fact-based vigilance and control mechanism to manage our economy.The Government seems to have acknowledged the reality that without proper formalisation of economic activities, centralised collection and processing of relevant datas and its meaningful dissemination ,neither our fiscal and monetary policy can be effective nor will the bird of ‘co-operative federalism ever fly.Further this initiative holds potential to improve the profile of Indian economy and by consequence the confidence of foreign investors.The greater the level of operational simplicity, cohesiveness and accountability , the better we will be placed to deal with external and internal challenges as well as opportunities in furtherance of public welfare…