The ban resulted in the expansion of the black market or its alternative. Rent seekers steered the official rates into the black market, where a host of willing purchasers had lined up. With arbitrage hovering around 23 per cent, it was Christmas come early for the rent seekers. In contradistinction, we the consumers got fleeced and the economy was put in total disequilibrium.
The decision of the government to end the restriction of forty-three items…
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