Costly banknote recall did not flush out untaxed wealth,as PM Narendra Modi had promisedMore than 99% of the currency that India declared void in a surprise announcement in 2016 was returned to the country’s banks in subsequent weeks, according to a Reserve Bank of India (RBI) report.
The figures suggest prime minister Narendra Modi’s demonetisation policy, and which likely wiped at least 1% from the country’s GDP and cost at least 1.5m jobs,failed to wipe meaningful hordes of unaccounted wealth from the Indian economy — a key rationale for the bolt. Related: India's banknote ban: how Modi botched the policy yet kept his political capital Related: India's small businesses facing 'apocalypse' amid biggest financial experiment in history Related: India's slowing growth blamed on 'big mistake' of demonetisation Continue reading...
Source: theguardian.com