Cash has been king in the musty narrow streets of Chandni Chowk since the jewellery market was set up by Emperor Shah Jahan in the 17th century. At least 80 percent of business in India is estimated to be conducted in cash, much of it avoiding tax as well as fuelling corruption. All sales witnessed by an AFP reporter during a visit to the gold market on a recent afternoon were in cash. "Cash is more difficult, but more often than not there are big piles of notes on the table," he added. It predicted that Modi will not give up attempts to "steer India's economy away from cash."

Source: Egypt Independent May 09, 2017 12:33 UTC