Braving cash crunch, Indians step into the new year, hoping that demonetisation will end the twin malaise of corruption and black money.
There seemed to be no end insight to India's cash woes.Long, snaking queues before bank branches and a very few functional ATMs across the country were only getting longer. The flow of replacement currency was dismal as the year and the deadline for depositing the scrapped Rs 500 and Rs 1,000 notes ended.
Several raids conducted by the Income Tax (I-T) Department across the country had unearthed over Rs 3,100 crore of unaccounted wealth, with the cash component making up about Rs 450 crore - a significant portion in new currency notes. Besides, over Rs 12.44 lakh crore of the total Rs 14.18 lakh crore of scrapped notes had already returned into the banking system as of December 10.
This story is from the January 2017 edition of India Business Journal.
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This story is from the January 2017 edition of India Business Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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