Most people who had "black money" deposited their cash with albeit with a heavy penalty.
The government allowed people to deposit their cash, but taxed it something like 50-70% if it had NO accounting at all.
The government allowed people to deposit their cash, but taxed it something like 50-70% if it had NO accounting at all.
Most people with black money exchanged their currency notes at a 10% to 20% cost via services that laundered via corrupt employees at banks or routing through newly opened accounts of poor people.