Bloomberg Tax
May 25, 2023, 9:00 PM

India Is Once Again Making Money a Plaything: Andy Mukherjee

Andy Mukherjee
Andy Mukherjee
Bloomberg News

When it comes to money, ignorance is bliss. For the second time in recent years, India seems to have disregarded this maxim.

In November 2016, Prime Minister Narendra Modi shocked the world by outlawing the 500 ($6) and 1,000 rupee bills in which the country held 86% of its cash. This time, the coup de grâce has fallen on the 2,000 rupee banknote. Since it accounts for only 11% of the currency in circulation, and people have until Sept. 30 to change them into other denominations, it’s not as big a problem as the draconian ban back then. Besides, in recent years, ...

Learn more about Bloomberg Tax or Log In to keep reading:

Learn About Bloomberg Tax

From research to software to news, find what you need to stay ahead.

Already a subscriber?

Log in to keep reading or access research tools.