• Tuesday, May 24, 2022

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India currency ban ‘will lead to two point fall in GDP’

Businesses are suffering due to the lack of high-value notes in circulation

By: Eastern Eye Staff

Prime minister Narendra Modi’s shock decision last month to scrap most of India’s currency has been praised as a masterstroke against endemic corruption, but signs are emerging that it may hit the economy hard – at least in the short term. Last month’s overnight abolition of all high-value Rs 500 and Rs 1,000 bank notes was supposed to bring billions in so-called “black”, or undeclared, money back into the formal system. In addition, India’s finance minister Arun Jaitley on Monday (November 28) unveiled a plan to give tax dodgers another chance to come clean, as he sought to bring billions…

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