| The Reserve Bank of India (RBI), the country's central bank, says it will withdraw all currency notes printed prior to 2005 from 31 March. The move is being seen as an attempt to curb the circulation of "black money" - cash that has not been declared or taxed.
According to some estimates, India's underground economy accounts for 50% of its gross domestic product (GDP). The RBI said consumers will be able to exchange old notes at retail banks...............................................Full Article: Source
|