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IPFS News Link • India

Indian Economy Crashes As Modi's "Black Money" Theory Collapses

• zerohedge.com by Tyler Durden

However, even more problematic is that Indians have validated 82% of bank notes rendered worthless by PM Modi, dramatically undermining the government's estimate of unaccounted wealth in the economy. As Bloomberg reports,

About 12.6 trillion rupees ($185 billion) had been deposited into bank accounts as of Dec. 3, the people said, asking not to be identified citing rules for speaking with the media. The government had estimated that about 5 trillion rupees of the 15.3 trillion rupees sucked out by Modi's move would stay undeclared, implying that this was cash stashed away to evade taxes, known locally as black money.


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