Scrapping Rs500, Rs1000 notes a costly idea6 min read . Updated: 16 Mar 2016, 07:47 AM IST
An analysis of how much it costs RBI to print a new, high-value currency note, and impact on the exchequer if it is pulled out of circulation
Writing in this newspaper last month, economist Ajit Ranade made a case for scrapping 1,000 and 500 notes. Citing research by former Standard Chartered Plc chief executive Peter Sands, Ranade argued large denomination notes are highly likely to be used for illegal activities and not so much as a medium of ordinary transaction, and elimination of such notes can go a long way in cutting the stocks of such funds (popularly known as black money in India).
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