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A lot of that will probably be subject to corporation tax. Government still gets a nice boost.

Definitely! I don't doubt that and like the move. But I don't think anyone will be charged with corruption or tax evasion because of it.

But I'm not from India, so pure speculation.

Not so easy. If I buy something for $1 million, I'm going to have to account for the source of that money.

Nope. When the seller deposits the money, they'll have to declare sources, including the PAN number of the buyer.