India: Ban on Largest Currency Bills in Bid to Cut Corruption

From the New York Times

Prime Minister Narendra Modi fired a direct shot at India’s endemic corruption with a surprise move on Tuesday to ban the country’s largest currency bills, starting the next morning.

The ban is intended both to curb the flow of counterfeit money and to take aim at terrorist organizations that rely on unaccounted-for cash. It is also expected to help the government clean up a system that has relied on cash to pay bribes and to avoid taxes.

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