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India's radical 2016 move to curb 'black money' yields mixed results
Demonetisation has not ended shadow economy, but has helped digital transactions
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Debarshi Dasgupta India Correspondent In New Delhi , Debarshi Dasgupta
India five years ago removed 86 per cent of its banknotes in circulation, in a radical measure to "break the grip of corruption and black money".
The government had said then that the Nov 8, 2016, move to abolish all 500-and 1,000-rupee notes (S$9 to S$18 in today's value) would help weed out counterfeit currency and clamp down on terrorist financing.
