IIPM Faculty Prasoon S Majumdar on High Denomination Currencies Are Fuelling Corruption
Almost every socio-economic parameter of our country poses a classical comparative dichotomy. Where more than 70 per cent of country’s population struggles to earn $2 a day, we have more than 3,500 million pieces of 500 rupees notes and more than 1,000 million of 1000 rupees currencies floating in the economy as of now! A report by the Reserve Bank of India stated that out of the total currency in circulation in March 2010, 500 and 1,000 notes constituted 76.5...
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