India's radical move in 2016 to curb 'black money' yields mixed results

Activists of India’s Youth Congress hold fake currency bills during a demonstration in New Delhi on Nov 8, 2021. PHOTO: AFP
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NEW DELHI - 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 also 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.

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