Treasury Office spokeswoman Dawn Selak mentioned in a statement late Tuesday that the cash payments ended up vital due to “efficiency of U.S. and Global sanctions,” which isolated Iran with the Global finance procedure.

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The Indian federal government experienced demonetised banknotes on two prior occasions—at the time in 1946 and after in 1978—and in equally scenarios, the aim was to fight tax evasion through "black money" held exterior the official economic method.

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A jewellery retail store in a very shopping center which has a observe "We accept ₹500 and ₹1,000 notes", even when they have been no longer valid banknotes. There have been reports of men and women circumventing the limitations imposed on Trade transactions by conducting numerous transactions at diverse bank branches, and by sending hired men and women, employees, and followers in teams to exchange big amounts of demonetised banknotes at financial institutions.

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At first pursuing demonetization, actions and attacks via the Maoist Naxalite radical teams lessened, which was attributed to not enough finance subsequent demonetisation.

The federal government said that the main objective with the training was curbing black dollars, which incorporated income which experienced not been noted and so was untaxed; income gained by way of corruption, illegal merchandise profits and unlawful actions such as human trafficking; and copyright currency.

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The use of demonetised banknotes was allowed to the payment of municipal and local civic body taxes, resulting in a bounce in their revenue collections.

Five robbers strategy a 5 million dollar heist. After the robbery, the staff aims to operate away with new identities, but nobody is aware of who has the suitcase with The cash and eventually, just one robber leaves Using get more info the Cash.

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P. Chandrasekhar and Prabhat Patnaik wrote that demonetisation was avoidable and unsuccessful, even though it ruined the financial system and adversely impacted the life and rights of your Indian persons.[20]