nang2
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I went through the wiki page on "Indian Black Money". It has a long list of proposed measures for black money, including this approach. But, if tax evasion is such a big concern, I am wondering, maybe India is taxing in a wrong way, which doesn't fit her own economic reality.Valid question. Many people do hold money that is paid tax. Like me and my parents for example. But small amounts. For emergency. Reason being Indian stores don't take checks at all. and plastic money is not accepted in every nook and cranny stores.
However, I personally know many people who hold money that are not paid taxes on.