A little more than a year ago, Indian Prime Minister Narendra Modi announced that 500 and 1000 rupee notes would be removed from circulation as a step to flushing out all the black money in the country.
He made the announcement on TV in prime time on 8 November 2016 and gave people four hours time to be ready for the change!
But judging by the amounts which cricketers were bought for in the Indian Premier League Twenty20 auction last week, there is more black money than ever in the country.
Else, sums like US$1.5 million would not be available for the Kolkata Knight Riders to buy a cricketer like Mitchell Starc. This is black money being flushed out and made ready to be used as legal tender, the main reason why the Indian Government turns a blind eye to the process.
Continue reading “Black money continues to pour in to IPL”