The serious business of funny money

There are fanciful accounts of how the Reserve Bank of India’s (RBI) move to withdraw from circulation all currency notes issued prior to 2005 will help unearth black money and force those hoarding cash to spend it, if only on gold and property. The truth is it is highly unlikely that many people, whether businessmen or politicians, store vast sums of unaccounted money in cash for extended periods — over nine years in this case.

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