In­di­ans rush fran­ti­cally to laun­der their ‘black money’

Daily Freeman (Kingston, NY) - - NATION + WORLD -

In­di­ans’ in­ge­nu­ity is be­ing might­ily tested as they rush to save their “black money,” stashes of hun­dreds of thou­sands, even mil­lions, of ru­pees they have ac­cu­mu­lated with­out pay­ing taxes.

For decades, In­di­ans have stuffed their mat­tresses with 500- and 1,000-ru­pee notes, the most widely cir­cu­lated bills, worth the equiv­a­lent of a few dol­lars.

But Prime Min­is­ter Naren­dra Modi wanted to tax that money. His strat­egy was to force In­di­ans to re­veal what they had been hoard­ing. How? He banned the bills and told every­one that they had to ex­change them for new ones.

The ban, which was an­nounced Nov. 8, has thrown the econ­omy into chaos and sent In­di­ans on a des­per­ate search for some way, any way, to laun­der their ac­cu­mu­lated money and avoid a fi­nan­cially dis­as­trous loss.

Peo­ple can ex­change the banned notes through the end of the year for smaller de­nom­i­na­tions or new bills.

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