![]() ![]() ![]() ![]() Total “black money” hidden in India and overseas is estimated at $400 billion to more than $1 trillion. About 30 percent of all land transactions involve cash, analysts say, and land is the preferred parking place for politicians, business executives and movie stars seeking to hide illegal money.īetween 20, circulation of 500-rupee notes increased by 76 percent and 1,000-rupee notes by 109 percent, according to the government. “This is all too sudden.”Įven with the growth of credit cards, Indians routinely use cash. “What will I do in the next two days? I have no small bills with me,” said Brajesh Kumar, as he pulled out a wad of cash. Minutes after Modi’s address, panic-stricken crowds thronged bank machines. But banks will be closed Wednesday, and ATMs will be closed until Friday. On the one hand, the threat of terrorism, on the other hand, the challenge posed by corruption and black money.”Ĭitizens have 50 days to exchange their old bills for new ones. “Have we ever thought about how the terrorists get their money? They are using fake currency. “In the last few years, the specter of corruption and black money has grown,” he said. Modi said the target is terrorism financing and corruption. A thousand Indian rupees is worth about $15. “We have decided that currency notes of 500 and 1,000 Indian rupees will not be acceptable for transaction from midnight onwards,” Modi said in a televised address. NEW DELHI - In an ambitious move to crack down on illicit money, India announced Tuesday that existing large-currency bills will no longer be valid, starting at midnight.Ĭurbing the prevalence of illegal and unaccounted wealth was a key campaign pledge of Prime Minister Narendra Modi, who came to power two years ago. ![]()
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