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

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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.

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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

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