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Can't be all cash...so that helps. https://www.nytimes.com/2016/11/09/business/india-bans-largest-currency-bills-for-now-n-bid-to-cut-corruption.html https://w

• blackoil 9y ago
  It is still all cash. Govt. removed 1000 INR note, only to introduce a 2000 INR note. This was done as a surprise move under foolish assumption that people hoarding black money, would lose all and we'll get a fresh start. Naturally people being smarter then government, found ways to transfer it all taking 5-10% in laundering charges.
  • GordonS 9y ago
    Can you elaborate on how laundering it was possible? Genuinely interested.
    • blackoil 9y ago
      1. One the day demonetization was announced at 8PM, all jewelers were open till till 12 and sold gold with post dated delivery. 2. Till next few days, most retailers were doing backdated bills for large ticket items. 3. In India lot of people didn't had bank a/c. To allow them to convert old currency, people were allowed to convert cash upto 4k INR, by just showing any ID. Bank managers used stash of IDs they had collected over years, to convert huge amount of cash to new notes. Apart from this, local mafia used millions of poor to get the cash converted. These are common and publicly known methods.