Baker McKenzie on 30th August reported that more than 99% of the currency that India declared void in a surprise announcement in 2016 was returned to the country’s banks in subsequent weeks, according to a Reserve Bank of India (RBI) report. It says that the figures suggest the demonetisation policy, which likely wiped 1% from the Indian GDP failed to wipe significant hordes of unaccounted wealth from the Indian economy.
http://www.riskandcompliancehub.com/demonetisation-drive-that-cost-india-1-5m-jobs-fails-to-uncover-black-money/
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Author: raytodd2017
Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section
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