Filthy lucre
INDIA is a cash-driven economy. Most government employees get paid in cash, and most shops and restaurants take cash only. As a result, India is teeming with currency. More than 30 billion rupee notes are in circulation, a total growing by 11% a year. But now restaurant owners in Mumbai (Bombay) are in a flap. They want the Reserve Bank of India, the central bank, to stem a flourishing trade in dirty money.
This article appeared in the Finance & economics section of the print edition under the headline “Filthy lucre”
From the July 19th 1997 edition
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