If that was their plan, then it certainly didn't work. Black money will simply move to electronic means of storage now. Just because a few notes are wiped out, it doesn't mean that black money suddenly disappears.What the ban did was pose a huge inconvenience to every day citizens, especially Indians living overseas with these notes. Because if they wanted to cash them out, they either had to find a currency exchanger overseas in their country, or go back to India.
Indias rupee owes its tag of Asias worst-performing currency this year to the selloff sweeping emerging markets. Theres more pain in store from beyond its borders.
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