Both the annual report of the Reserve Bank of India (RBI) and the gross domestic product (GDP) data for the first quarter of 2017-18 came out last week. Regarding the first, media attention was focused on the impact of demonetisation of old notes in circulation. It seems that 99 per cent of the old (demonetised) notes have been deposited in the bank accounts. The balance could well have been accidentally destroyed over the decades they were in circulation in fires/floods etc. Does this imply there was little unaccounted money held in the form of currency notes in the country and
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