India Suddenly Withdraws INR 500, 1000 Banknotes, Fails to Explore Crypto Option
India withdraws INR 500 and INR 1000 denominations from the monetary system overnight. It is set in introduce new banknotes after successfully weeding out "black money'. The World was taken by a surprise yesterday after the emerging economy, India in a drastic move declared its INR 500 and INR 1000 banknotes as invalid, starting midnight. With two of the largest denominations declared invalid, the public is in a state of panic especially those who are used to handling large amounts of cash. The move, targeted at tackling the growing menace of money laundering and currency....
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In a shock move, the Government of India has demonetized Rs. 500 and Rs 1000 banknotes. In India these are considered higher denomination banknotes, with the banknotes becoming obsolete starting from midnight on Nov. 9. The government has also announced the introduction of two new banknotes, Rs. 500 and Rs. 2000, to replace the demonetised money. Targeting so called ‘Black Money’. The government of India has taken this measure to effectively target people who conduct transactions primarily in cash and bypass the tax net. There is a belief within the government that most of this so called....
We are living in a brave new world here in India. Enough has been written about the “end of cash” and how there will be a day when we will all be using digital money. Well that future has arrived for the one bln plus people of India. Ever since the demonetization of the Rs. 500 and Rs. 1000 banknotes on the midnight of Oct. 9, 2016, life has turned into a ghastly nightmare for billions of teeming masses. Things that we took for granted have become a challenge, not unequal to climbing the highest of Himalayan peaks. Welcome to cashless chaos, the story of a demonetized India. Cash starved....
Bitcoin, a currency that is immune from governmental controls is seeing plenty of interest in India, a country still reeling from an unprecedented cash crunch that sees over a billion people face government-imposed limits on ATM and bank withdrawals. The move to demonetize 500 and 1000 rupee banknotes – a month ago to this day – meant that 86% of Indian cash in circulation was rendered obsolete overnight. The comprehensive reform sees everyday Indians’ lives disrupted as the Indian government struggles to replace old banknotes with new notes in the face of soaring demand. While the....
Goldman Sachs, a multi-billion dollar international investment banking and financial management firm, recently stated that India is returning to barter system due to a severe shortage of cash. Weeks after the initial announcement made by Indian Prime Minister Narendra Modi to demonetize 500 and 1,000 banknotes, the financial state of the country seemed to improve. Livemint revealed that 95% of the country’s ATMs were calibrated to support the newly released banknotes provided by the central bank of India. However, there still is one important issue; the central bank failed to print money....
Unocoin, one of India’s foremost Bitcoin companies, has launched a new mobile application for both the iOS and Android platforms. This new application has been developed by Unocoin themselves and will allow Unocoin customers to buy, sell, receive as well as store Bitcoin in one place. Interestingly, the application makes its way to users as Indians are trying to grapple with the demonetization of Rs.500 and Rs. 1000 banknotes by the Government of India. Bitcoin has hit new highs in the domestic Indian markets since demonetization occurred on the midnight of Nov. 8. All-in-one app for....