How Narenda Modi of India plans to wipe out black market money

by Geeta Anand

The Indian 1000 rupee note that must be exchanged for new currency. Photo: Government of India
The Indian 1000 rupee note that must be exchanged for new currency.  Photo: Government of India

In one of the most audacious experiments in India’s modern history, Prime Minister Narendra Modi banned the two largest bills — of 500 rupees, or about $7.50, and 1,000 rupees — which account for about 86 percent of the currency in a country where 78 percent of financial transactions are done in cash.

 

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