Cashing in on India's Black Economy
In a new effort to reclaim the revenues lost to India's massive informal economy, Prime Minister Narendra Modi announced Nov. 8 that 500- and 1,000-rupee notes -- 86 percent of the cash in circulation -- would become null and void overnight.
(ARUN SANKAR/AFP/Getty Images)
India has one of the world's most cash-heavy economies. An A.T. Kearney study found that 90 percent of the country's consumer transactions are conducted in cash, a trend that extends to the country's labor market. But many of these transactions go unrecorded. In fact, by some estimates, India's so-called "black...
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