Manmohan Singh

India lauds last year's rupee swap, even as economy slows

One year after India launched one of its most ambitious monetary reforms — yanking 86 percent of its currency out of circulation without warning — many Indians still aren't sure if it was worth it.

Economic growth has slowed. Unemployment has risen. And corruption remains a scourge nationwide.

Still, Prime Minister Narendra Modi's government insists the move to replace most of the country's currency bills has been a success, and declared Wednesday as "Anti-black money day" to celebrate the country's fight against money laundering and tax evasion.

Finance Minister Arun Jaitley said Tuesday the "status quo needed to be shaken up" and that tax fraud...