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Why demonetisation was a 'failure'
News, Mihir Sharma, Published on 03/09/2018
ยป The Indian central bank's final tally of Prime Minister Narendra Modi's 2016 demonetisation drive -- intended to take money derived from tax evasion out of circulation -- showed that 99.3% of outlawed high-value banknotes had been returned. That's a severe loss of face for officials, who had argued that holders of the cash would rather destroy it than return it to banks, providing a windfall for the government.
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