Treasury Department spokeswoman Dawn Selak claimed in a statement late Tuesday which the cash payments had been important due to “efficiency of U.S. and Intercontinental sanctions,” which isolated Iran through the international finance technique.
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The Indian government had demonetised banknotes on two prior instances—after in 1946 and as soon as in 1978—As well as in both scenarios, the objective was to battle tax evasion by way of "black dollars" held outside the formal financial system.
Even though knowledge produced by RBI in Nov 2021 confirmed that cash circulation in India has actually improved appreciably since demonetization and demonetization hasn't necessarily transformed cash users to electronic users.[271]
World & Country Ukraine’s prime minister resigns, opening the doorway to some wide federal government reshuffle
Nobody is questioning The federal government's intention, however , you are unprepared to execute the move". Later on, the previous Main Minister of Uttar Pradesh Mayawati referred to as your situation "a monetary unexpected emergency", indicating, "It seems like Bharat has shut down." Also, Sitaram Yechury from the Communist Get together of India, questioned The federal government over the demonetisation move by stating "only 6% of black income in India is in cash to push his issue that demonetisation will not likely control illicit wealth."[236]
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The Obama administration experienced claimed the events ended up separate, but just lately acknowledged the cash was used as leverage until eventually the People in america ended up permitted to go away Iran. The remaining $1.
From tariffs to universities, Trump’s negotiating design is frequently fewer dealmaking and much more coercion
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[254] The Harvard Enterprise Critique known as it "a scenario research in inadequate policy and even poorer execution".[258] The Recurrent alter within the narrative on objectives with the demonetisation to its noticeable impact on the poorest from the inadequate manufactured other critiques calling the government's narrative as spins in look at of the "pointless suffering on India's poorest."[259]
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The announcement of demonetisation was accompanied by extended cash shortages in the months that adopted, which made substantial disruption through the economic climate.
P. Chandrasekhar and Prabhat Patnaik wrote that demonetisation was unwanted and unsuccessful, although it ruined the economic climate and adversely affected the life and rights from the Indian people.[twenty]