India rupee: Illegal cash crackdown failed - bank report

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Indians returned almost all of the high-currency notes banned in last year's shock government crackdown on illegal cash, the central bank says.
It said 15.28tn rupees ($242bn) - or 99% - of the money had made its way back into the banking system.
Ministers had hoped the move would make it difficult for hoarders of undeclared wealth to exchange it for legal tender.
The news that it did not will raise questions about the policy, which brought chaotic scenes across India.
Banks ran out of cash after the ban on 500 ($7) and 1,000 rupee notes, which accounted for about 85% of the money in circulation.
At others, police were called in to manage long queues of anxious customers hoping to change their savings.
Many low-income Indians, traders and ordinary savers who rely on the cash economy were badly hit.
Source: BBC

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