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A year after cash ban, India's black money market is thriving

18:55 EST 7 Nov 2017 | Yahoo News

A year after cash ban, India's black money market is thrivingWhen India declared most bank notes unuseable a year ago in an effort to flush out tax cheats, one steel manufacturer was so spooked he resolved to do business by the book in future. Prime Minister Narendra Modi's decision last November to withdraw India's high-value rupee bills was intended to root out a culture of tax evasion so widespread it had become the norm. Now, as businesses from streetside stalls to wholesalers rekindle their love affair with cash, Modi is coming under pressure to explain whether the most controversial policy of his tenure was worth the economic pain.


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