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To check corruption IMF backs India’s currency ban

To check corruption IMF backs India’s currency ban

Washington: On Thursday The International Monetary Fund (IMF) said it supports India’s attempt to fight corruption through the currency control measures declared this week, but stressed taking care to diminish disruptions in the economy.

Banks in the country restart on Thursday for the first time since the government’s decision to withdraw the two largest denomination notes from circulation in a shock switch described to tackle global corruption & tax evasion.

We support the measures to fight corruption and illegal financial flows in India, IMF spokesman Gerry Rice told reporters.

Obviously given the big role of cash in daily transactions in India’s economy, the currency transition will have to be managed carefully to minimize possible disruptions.

Some banks in New Delhi had received the new 2,000 rupee ($30) bill and a number of ATMs were operating again on Thursday, two days after Prime Minister Narendra Modi declared the 500 & 1,000 rupee notes would no longer be valid tender in a blitz against tax evasion & corruption.

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