> India’s central bank has estimated that 99 per cent of the high denomination banknotes cancelled last year were deposited or exchanged for new currency, dashing government hopes that its contentious demonetisation exercise would wipe out huge amounts of “black money" ... complex money-laundering networks sprang up in the wake of the demonetisation to help wealthy Indians deposit huge volumes of previously undeclared currency without exposing themselves to tax authorities. Such people allegedly sold the old notes, at a discount, to brokers who then dispatched low-income Indians to deposit or exchange them at banks.
people were jumping into conclusions about this event without knowing about this context. it was still a net negative imo, but the way the restrictions existed because of "black money" reasons.
however, if you love the freedom of holding cash the way you want, then this was definitely not a good time.
> India’s central bank has estimated that 99 per cent of the high denomination banknotes cancelled last year were deposited or exchanged for new currency, dashing government hopes that its contentious demonetisation exercise would wipe out huge amounts of “black money" ... complex money-laundering networks sprang up in the wake of the demonetisation to help wealthy Indians deposit huge volumes of previously undeclared currency without exposing themselves to tax authorities. Such people allegedly sold the old notes, at a discount, to brokers who then dispatched low-income Indians to deposit or exchange them at banks.