Posted inIndiaNepalSouth Asia

Modi’s credibility hit as 99% banned notes return to RBI

The much-awaited release of data on demonetization by the Reserve Bank of India (RBI) has belied the Narendra Modi government’s claims that it would restrict ‘black money’ (laundered money/horded notes) as well as arrest corruption. The RBI’s annual report released on Wednesday stated that 99% of de-notified Rs500 (US$7.82) and Rs1,000 (US$15.65) banknotes have returned […]