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Will Modi's India cash ban plan backfire?

An Indian bank teller counts out notes as senior citizens deposit and exchange 500 and 1000 rupee notes in Amritsar on November 19, 2016Prime Minister Narendra Modi’s shock decision to scrap most of India’s currency was hailed by some as a masterstroke against endemic corruption, but signs are emerging that it may hit the economy hard. India runs largely on cash, but that is still in short supply, nearly three weeks after Modi’s shock announcement that 86 percent of its currency would be withdrawn from circulation. On Thursday former prime minister Manmohan Singh, a respected economist, told parliament the surprise decision would shave at least two percentage points off growth and slammed the government for what he said was shoddy implementation.

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