c-rupee-RTX2SK0T-Danish Siddiqui

Indians have returned 99% of the banned rupees, disproving a central point of Modi’s demonetization campaign

99%

There were some 15.4 trillion rupees ($242 billion) in 500 and 1,000 bills in circulation in India. Indians so far have returned about 99% of that amount to the central bank.

Published   |  Photo by Reuters/Danish Siddiqui
c-rupee-RTX2SK0T-Danish Siddiqui
99%

The demonetization campaign in India was supposed to be tough on people holding undeclared money, stopping them from exchanging their money for legal currencies.

c-rupee-RTX2SK0T-Danish Siddiqui
99%

But most of the money was exchanged, meaning that either Indians were not carrying much undeclared money in the first place or that they managed to clean their money.

c-rupee-RTX2SK0T-Danish Siddiqui
99%

Even though the campaign might have failed in disabling undeclared money, it succeeded with other objectives, including increasing tax collection.

Published

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