By Nita Bhalla NEW DELHI (Thomson Reuters Foundation) – Nobel laureate Kailash Satyarthi has welcomed India’s overnight move to withdraw 500 and 1,000 rupee notes from circulation to crack down on corruption and counterfeit currency, saying it would also to help curb human trafficking and child slavery. The shock currency move, announced late on Tuesday by Prime Minister Narendra Modi, aims to bring billions of dollars worth of unaccounted wealth which people are hoarding, or “black money”, into the mainstream economy and curb corruption. Banks are meant to alert the Reserve Bank of India and tax authorities of any unusually large sums being exchanged – which may be the product of ill-gotten gains.
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India’s move to curb "black money" will break backbone of traffickers: Satyarthi