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India takes steps to ease impact from banknote ban

The government and the Reserve Bank of India have since taken a slew of measures to ease the pain. They are detailed below in chronological order.

November 29, 2016 / 11:39 IST
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Prime Minister Narendra Modi shocked the country on November 8 by abolishing Rs 500 and 1,000 notes, which accounted for 86 percent of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India's cash economy to a virtual standstill.

The government and the Reserve Bank of India have since taken a slew of measures to ease the pain. They are detailed below in chronological order.

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November 28

- Government announces tax amnesty scheme for unreported cash; will charge 50 percent in taxes, surcharges