There are better ways than monetization, to minimise black money. Some of these ways are;
1. holders of black money could be allowed to bring out black money with or without payment of taxes/penalties if they (particularly in industrially backward areas)set up factories which will give employment to certain number of people. By this scheme a number of people will get employment in construction of factory and in running the factory, transport etc . In a country where educated unemployment is large, this step will prove to be beneficial to the people/country. It will also contribute to government funds by way of licence fees, duties, taxes etc. The scheme to be successful, black money holders should be assured that no questions will be asked and no adverse publicity will be given.
2.Black money could be used for laying /widening roads, and the holders could be permitted to collect toll charges
3.Black money could be allowed to be used to construct new railway lines and run trains and/or be permitted to collect charges from those operating trains on the new lines.
Black money could be allowed to be used for other infrastructural projects
In these schemes the focus is on utilizing black money for the betterment of the country rather than punishing the holders. The wealth of the country is the combined wealth of its individual citizens. The gap between the rich and the poor can be bridged at a later date, when the country is well developed.