Demonetization puts India’s casinos into a spin

On Nov. 8th, Indian Prime Minister Narendra Modi made an unscheduled televised appearance during which he dropped a bombshell for the country’s economy. In an effort to stamp out the black market and tax evasion he announced that the 500 rupee and 1,000 rupee notes in circulation would cease to be legal tender. People were allowed to exchange their old, devalued notes on an immediate basis until 24th of last month. The notes can now be deposited in banks till Dec. 31 and lower denomination notes will be provided but only a certain amount of cash is available to an individual on a daily basis. The Reserve Bank of India subsequently introduced a 2000 rupee note on Nov. 8th. According to estimates, the abandoned notes accounted for about 86 percent of the cash in circulation in a country where cash is king. About 90 percent of the volume of all transactions...

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