A few days after Prime Minister Narendra Modi signed a bill to introduce the currency on April 11, Indian-origin Indians are celebrating a major victory in their fight against corruption.
The bill, passed by the Indian Parliament on Thursday, is the first of its kind in the world, said Bharat Ratna, the secretary of the All India Democratic Women’s Association (AIDWA).
The government said the new currency will be accepted at the Indian currency exchange, CIB.CIB was introduced by the United States after the 9/11 attacks, and has been credited with the elimination of black market trading of currency in the country, which accounts for around 50% of the country’s annual foreign exchange revenue.
“The government of India, through its flagship project of the demonetisation drive, has ensured the elimination and elimination of currency and currency notes which were being used to finance terrorism,” Ratna said in a statement.
The new currency is not pegged to the US dollar, but will be pegged to Indian rupee, and will be available in all government-run shops and ATMs across the country.
India, a small economy with a population of only 1.2 billion people, is a signatory to the multilateral trade deal with the United Kingdom, which it signed last year.
The currency will replace the Indian rupees used in foreign transactions.
India has already taken a series of steps to curb corruption, with the government banning foreign currency purchases and suspending the purchase of luxury goods such as jewellery and gold.
But the new bill aims to bring the country closer to the world’s leading anti-corruption system.
A key element of the new law is that it will allow the government to issue and issue notes, which are backed by government bonds.
The bills will also be backed by deposits from the Indian reserves.
The new notes will be backed with a 3% annual inflation target, and they will be issued at the central bank.
The government has also said it will have a bank guarantee of the currency, which will be at least 25% of its value, but not to the same extent as the US.
This is a big win – it means that we are on the right path, said Akshay Thakur, a retired judge and a leading campaigner against corruption in India.
But it is also a big step for us, said Thakurs co-founder, Anirban Bhattacharya.
We need to be very careful, he added.
In addition to abolishing currency, the new bills will allow for the immediate exchange of the Indian currencies in cash.
Currently, only the Indian government can issue currency, but in the new system, the Indian central bank will issue and sell the currency in its own account.