Thursday, December 8, 2016

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Weekly News Digest


FirstChoiceIPO says:
According to our analysis that the 10% of the white money will not find its way to banks. High denomination India currency lost/held back in the following circumstances, though white, will return to banking system by Dec 31.

1. Currency with the businessmen and traders in the neighboring countries. Indian currency is freely accepted by traders in Nepal, Bhutan, Bangladesh, Srilanka,Thailand /other countries. 

2. Currency lost in earth quakes / Tsunamis / floods. There have been many in India in the last 2-3 decades.

3. Currency destroyed in accidents - Air / rail and road.

4. Worn out currency / drowned /buried money, for whatever reasons.

5. Currency with the coin collectors.

6. Currency with the NRIs, who are not able to exchange.

7. Currency with the foreign nationals who are holding it for fun / fancy.

It is estimated the above constitutes almost 10% of the total high denomination currency in circulation.

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