4 min read.Updated: 17 Feb 2016, 01:37 AM ISTAjit Ranade
Currency notes store value anonymously and the higher denomination ones are the preferred mode of moving illegal money
Two years ago, the Reserve Bank of India (RBI) announced that it would phase out all currency notes issued prior to 2005. It gave a three-month window to exchange the old notes for new, after which all such exchanges, especially for larger denominations, would need identity and address proof. It created quite a flutter. Ostensibly, this was to weed out fake notes, since they were mostly from pre-2005 vintage. But was it also to attack black money?
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