India's Demonetization: No Impact on Black Money Despite Huge Costs It Imposed

From Cash To Digital: Has the rush to trash cash gone too far?
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By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She now spends much of her time in Asia and is currently working on a book about textile artisans.

The Reserve Bank of India (RBI) on Wednesday published its annual report, which assessed India’s demonetization policy, initiated last November.

India’s demonetization exercise was for naught, with the RBI reporting last week a scant 1% of banned notes not converted into new currency.