India rushes to defend cash ban as doubts grow
01 Sep 2017

India’s government scrambled to defend its attempt to crack down on the shadow economy by banning high denomination banknotes, after data showed almost all of the abolished currency had made it back into the banking system.

Prime Minister Narendra Modi personally led the shock move last November to outlaw 86 percent of the cash in circulation to target undeclared “black money” and fight corruption.

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