by Neelam Mathews - December 6, 2016, 11:57 AM AIN (US) India’s replacement of all Rs500 and Rs1,000 notes in an attempt to curb counterfeit and “black” illicit money is negatively affecting business aviation in the country. A shortage of the new currency since last month's announcement by Prime Minister Narendra Modi is creating problems for business aircraft operators, who have traditionally conducted certain aviation services transactions in cash in India. “Our business has been affected…mainly because of our own operational compulsions of paying in cash for various purposes,” Jayant Nadkarni, president of India’s Business Aircraft Operators Association (BAOA), said yesterday during the release of the group’s “Business Aviation in India” report. With some 80 percent of the old notes withdrawn, the country is facing a cash crunch that is being amplified by cash withdrawal limitations. Nadkarni told AIN that some flights had to be cancelle...