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In the Balance: India's Cash Gamble: Has it Paid Off?

24/06/2017 GMT

India's Cash Gamble: Has it Paid Off?

BBC World Service - In the Balance, India's Cash Gamble: Has it Paid Off?

Has the shock withdrawal of almost all the country's cash defeated the black economy?

Has the shock withdrawal of almost all of India's currency succeeded in curbing the black economy and creating a more cashless society?

Has the shock decision to scrap almost all of India's cash been a success or a failure? Last November's withdrawal of 500 and 1,000 rupee notes caused chaos for millions of people and businesses, but now the dust has settled, is there any evidence it was effective in tackling corruption and curbing the black economy?

Have those hardest hit by the demonetisation now managed to recover? What impact, if any, has the move had on India's economy? And in a society where cash is king, are there any signs people have been pushed towards using bank cards or mobile payments?

Contributors

Jayati Ghosh, professor of economics at Jawaharlal Nehru University, in New Delhi
Economist Lord Meghnad Desai
Gaurav Daga, owner of Oswal Cable Products in New Delhi
Piritta Sorsa, head of economics research on India at the Organisation for Economic Co-operation and Development (OECD).

(Picture: A man holds old Indian notes at a protest against demonetisation in Bangalore. Credit: Kiran Manjunath, Getty Images)

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