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India has a thriving cash economy. A majority of businesses in India run on cash with no transparency or accountability. This money never enters the tax system of the country. It is a ‘leakage’ from the economic cycle adversely impacting the working of the Indian economy. According to reports, two thirds of India’s GDP is cash economy—around Rs 90 lakh crores. It is the honest tax-paying citizen of the country who suffers. Ever since demonetization initiative was announced by Prime Minister Narendra Modi on November 8, several developments have taken place related to the move.

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