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Modi’s ‘Masterstroke’ Cash Ban to Boost India Digital Push

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By

Jeanette Rodrigues,

Anto Antony and

November 9, 2016, 7:13 AM UTCUpdated onNovember 9, 2016, 11:05 AM UTC

Cash may no longer be king in India. The nation’s nascent digital economy stands to be the biggest beneficiary of its strongest crackdown on corruption since 1978.

In a surprise announcement late Tuesday, Prime Minister Narendra Modi banned 500-rupee ($7.50) and 1,000-rupee notes effective midnight, sweeping away 86 percent of total currency in circulation. Paytm, India’s largest digital wallet startup, hailed the move in the morning newspapers as it splashed Modi’s photograph in a full-page advertisement.