 "War on money laundering: Cash deals exceeding Rs 500,000 to come under PMLA")
Those who are awash in cash lack capital. Those who have adequate capital are thirsty for liquidity.
That, in a nutshell, is the story of India’s financial crunch, and the surest way to ease it will require tapping Indians living overseas.
In the past, New Delhi has resorted to such special hard-currency deposit programmes to tide over balance-of-payment difficulties. A notable instance was in 1998, after India invited the US sanctions by testing a nuclear weapon.
Hooking nonresidents would be expensive now because dollar interest rates have risen significantly since the taper tantrum of 2013, the last time India nudged its banks to
