Demonetisation: Economic cost of cleaning black money explained
The demonetisation move announced in India on November 8 may have long-term benefits, but in the short term it is costing the Indian economy billions of dollars.
According to the data released by the Centre for Monitoring Indian Economy (CMIE), the cost of people standing in a queue to change old currency notes with new ones or to deposit old currency notes into banks or to get new currency notes for use is $2.2 billion (INR 150 billion).This cost includes the expenditure on photocopying of identity proofs required for the transactions. It does not include any other incidental cost such as travel, etc.
India's black economy has been as large as 23% of India's GDP, which is about $2.384 trillion.
trending now
CRPF's 1st female biker expedition starts from Kashmir, Shillong and Kanyakumari; 150 bikers participate
JWST spots Jupiter-like objects that can upend out understanding of nebulas
Kremlin clarifies Russia still adheres to nuclear moratorium, dismissing remarks by RT chief
China refuses Pakistan’s request to make fresh investments in CPEC: Report
Nobel Prize in Literature 2023: Who is in the race? Here are some possible names
Earthquake jolts India’s New Delhi, tremors also felt across Nepal
Poland, Ukraine and Lithuania reach historic deal on grain exports
Maldives President-elect Muizzu vows to remove Indian military presence on first day in office
12th Fail trailer: Vidhu Vinod Chopra and Vikrant Massey narrate an inspiring story of hope
Jungkook opens up about his girlfriend for the first time during a live video
Russia's Storm-Z squads: Tale of hundreds of offenders sent to frontlines to fight Ukraine
Woman in Brazil dies after consuming chocolate given by palm reader who predicted her death
Vuitton transforms Paris with a playful spectacle of colour, stars and history
India warns Canada to repatriate 41 envoys by Oct 10, or else...: Report
Why Karim Benzema's Al-Ittihad refused to play against Iranian team in Asian Champions League?
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
Corruption in India has been rampant and India was ranked 76th in Transparency International's corruption index last year. This move at demonetisation aims to clean out the black economy and curtail corruption.
recommended stories
Pope Francis backtracks, says Catholic Church can bless same-sex unions on 'case-by-case basis'
UN authorises Haiti security mission to fight gangs
Sippin' blues: Study suggests your go-to milk tea could be the cause of your depression
Trump civil fraud case: Ex-US president complains about having no jury as Day 1 of proceedings wrap up
Indian mining tycoon Harpal Randhawa killed in plane crash in Zimbabwe
Boney Kapoor talks about Sridevi's death, says she used to faint due to 'no salt' strict diet
Scientists find microplastics in cave closed to humans for 30 years: Study
Catastrophic earthquake to strike Pakistan? Dutch scientist makes startling prediction
Iran has capacity to make nuclear weapons in two weeks, US warns in new report
Ukraine taunts Musk after he posts meme mocking Zelensky
World’s longest river Nile might be just months away from losing its title
Aishwarya Rai Bachchan and niece Navya Naveli Nanda steal the show at Paris Fashion Week | Watch
India could ban pilots and flight attendants from using perfume
This 25-year-old Russian is sole inheritor of Yevgeny Prigozhin's Wagner group
)
)
)
)
)
)
)
)
)
)
)
)
)
)
recommended stories
Pope Francis backtracks, says Catholic Church can bless same-sex unions on 'case-by-case basis'
UN authorises Haiti security mission to fight gangs
Sippin' blues: Study suggests your go-to milk tea could be the cause of your depression
Trump civil fraud case: Ex-US president complains about having no jury as Day 1 of proceedings wrap up
Indian mining tycoon Harpal Randhawa killed in plane crash in Zimbabwe
Boney Kapoor talks about Sridevi's death, says she used to faint due to 'no salt' strict diet
Scientists find microplastics in cave closed to humans for 30 years: Study
Catastrophic earthquake to strike Pakistan? Dutch scientist makes startling prediction
Iran has capacity to make nuclear weapons in two weeks, US warns in new report
Ukraine taunts Musk after he posts meme mocking Zelensky
World’s longest river Nile might be just months away from losing its title
Aishwarya Rai Bachchan and niece Navya Naveli Nanda steal the show at Paris Fashion Week | Watch
