India takes steps to ease impact from banknote ban

Indian Prime Minister Narendra Modi shocked the country on Nov. 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86 per cent of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India's cash economy to a virtual standstill. The government and the Reserve Bank of India have since taken a slew of measures to ease the pain from its measures.