Cash ban hurts, but graft-weary India grits its teeth

Mumbai

IT was a bold and risky gamble by Prime Minister Narendra Modi of India that quickly seemed to backfire.

The announcement of a ban on the largest currency bills circulating in India, which came into full effect at midnight on Friday, the last day for depositing the old notes at banks, set off cash shortages that have hit the country's most vulnerable people hard and prompted worries about the economy.