Black Money – Domestic and International Efforts

Move was in the pipeline for months

  1. The government’s move to scrap nearly 23.2 billion high-value currency notes of Rs. 500 and Rs. 1,000, was in the pipeline for several months but was kept tightly under wraps
  2. Statistics show that high denomination currency in circulation has risen sharply between 2011 and 2015
  3. While all currency notes grew 40%, Rs. 500 notes in circulation rose by 76% and Rs. 1000 notes went up by 109%
  4. But during this period, the economy expanded by 30% so the circulation of such notes had gone up disproportionately

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