• Wednesday, August 17, 2022

Business

Congress leader Gandhi raps Modi over “failed” ban on high-value notes

Narendra Modi

By: Sarwar Alam

India‘s main opposition Congress party on Thursday (30) lashed out at prime minister Narendra Modi after central bank data showed that his shock 2016 move to ban high-value notes failed to meet his key objective of flushing out money hidden from the tax man. Modi withdrew 500 and 1,000 rupee notes from circulation to make hoarded cash, or black money, worthless. It aimed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy and to hit the finances of militant groups suspected of using fake 500 rupee notes to fund operations. But the move, widely…

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