Economy

GoI stops printing Rs.2000 note, suspects it is being used for tax evasion, money laundering: Report

Suspecting that the Rs.2000 notes are being used for hoarding, tax evasion and money laundering, the Government of India has stopped printing them, reported The Print.

According to the report, the note will not become invalid, but the denomination will be gradually phased out.

The decision comes on the back of suspicion in the Modi government that the high-denomination banknote was being used for hoarding, tax evasion and money laundering, the report added.

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