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Has Narendra Modi's bid to rid India of black money failed?

On 8 November last year, when India demonetised currency notes of Rs 500 and Rs 1,000, the government had hoped that as much as Rs 3 lakh crore, or a fifth of the money being sucked out, will not return to the banking system. But reports now suggest that most of the money has come back into the system. So, has demonetisation completely failed in its primary objective?

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