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India’s Modi Holds to 50-Day Pledge as Cash Chaos Intensifies

  • Prime minister warns against using the poor to recycle money
  • Country will start to see benefits soon, Modi says on radio
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Modi Says Cash Crisis Will Ease

Indian Prime Minister Narendra Modi used a radio address Sunday to assure the country that the cash crisis caused by his plan to remove large-denomination bills from circulation will ease within his proposed 50-day period.

Modi said in the monthly radio address that the difficulties India has encountered since he announced a ban on the use of 500 rupee ($7.30) and 1,000 rupee notes in a bid to curb graft should come to an end within the period he originally outlined. The policy, which requires holders of the bills to deposit them in a bank, will help curb tax evasion and the country will start to see its benefits soon, Modi told the nation. He also warned people against using the poor and their new post office bank accounts to recycle money.