‘black money’

Basics
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Chaos continues a month after PM bans 86 percent of India’s currency

Prime Minister Narendra Modi asked India for 50 days of patience when he pulled the 500- and 1,000-rupee notes – the two largest denominations that comprise 86 percent of the country’s currency – out of circulation on four hours’ notice last month. “Punish me if I do not deliver,” he said, according to India Today. Now 37 days in, things have yet to settle down.

Basics
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India promises ‘black money’ ban will help the poor even if it hurts now

Prime Minister Narendra Modi abruptly thrust India into chaos last Tuesday when he banned the 500- and 1,000-rupee bills – the two largest denominations – to root out counterfeits, corruption, terrorism financing and tax evasion. But growing bank lines are becoming more dramatic, laundering inquiries are trending on Google, and the poor are wondering when they’ll benefit as Modi has promised.