India

Kislaya Prasad on India’s Currency Withdrawal

Hot Topic Alert   Jan. 29, 2014

Last week’s announcement of the Reserve Bank of India withdrawing pre-2005 notes was initially interpreted in the media as targeting “black money (currency used in transactions where taxes are avoided)" and to prevent counterfeiting. Subsequently, officials have deflected such interpretation and defined the move as a “technical action” to remove from circulation notes that have relatively fewer security features.

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