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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.

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

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