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1.Market Observations, 8.Was Sticky

25 Nov 2016 (AFR) – Indians rush frantically to launder their black money

(25 November 2016, AFR, p36, by Geeta Anand)

‘Indians’ ingenuity is being mightily tested as they rush to save their “black money,” stashes of hundreds of thousands, even millions, of rupees they have accumulated without paying taxes. For decades, Indians have stuffed their mattresses with 500- and 1000-rupee notes, the most widely circulated bills, worth the equivalent of a few dollars. But Prime Minister Narendra Modi wanted to tax that money. His strategy was to force Indians to reveal what they had been hoarding. How? He banned the bills and told everyone that they had to exchange them for new ones. The ban, which was announced NovemberĀ 8, has thrown the economy into chaos and sent Indians on a desperate search for some way, any way, to launder their accumulated money and avoid a financially disastrous loss.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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