 "IMF supports India currency steps to fight corruption")
The International Monetary Fund (IMF) said on Thursday it supports India's efforts to fight corruption through the currency control measures announced this week, but stressed taking care to minimise disruptions in the economy.
Indian banks reopened on Thursday for the first time since the government's decision to withdraw the two largest denomination notes from circulation in a shock move designed to tackle widespread corruption and tax evasion.
"We support the measures to fight corruption and illicit financial flows in India," IMF spokesman Gerry Rice told reporters.
"Of course given the large role of cash in everyday transactions in India's economy, the currency transition will have to be managed prudently to minimise possible disruptions."
Some banks in the capital New Delhi had received the new Rs 2,000 ($30) bill and a number of ATMs were working again on Thursday, two days after Prime Minister Narendra Modi announced the Rs 500 and Rs 1,000 notes would no longer be legal tender in a blitz against tax evasion and corruption.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%