India Set to Descend into Cash Chaos
In an unprecedented move, Indian Prime Minister Narendra Modi has announced the ban of two of the biggest fiat banknotes in the country. A surprise televised address by India’s prime minister Modi today has left a nation of over a billion-people bewildered after the country’s elected leader announced that ₹500 and ₹1000 bank notes (approx. $7.50 and $15) will be illegal effective November 9. The two currency denominations are the biggest bank notes issued by the Reserve Bank of India, the country’s central bank. The move, Modi said, was to tackle corruption, black money (illegally held....
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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....
Across the world, unaccountable, unelected, bureaucrats, continue to mismanage their nations’ money in numerous ways at a high cost for the people. The most striking case is in India. It is difficult to imagine waking up one morning to suddenly find out that 85% of your money is not actually money any longer, but that is exactly what happened at one of the most populous country on earth, where, what the day before was worth 500 rupees or 1,000 rupees, around $7 and $15, was instantly declared worthless. The decision was made in complete secrecy, according to the Times of India, which....
India’s Prime Minister Narendra Modi announced on November 9, 2016, that 500 and 1000 rupee notes would be taken out of circulation in an effort to reduce corruption, terrorism, black money and counterfeiting, and will no longer be accepted as legal tender in India. His surprise announcement caused chaos in the country as citizens scrambled to adjust to a new monetary norm that banned about 85 percent of cash in circulation. This move was meant to bring billions of dollars worth of unaccounted money back into India’s economy. The Indian economy has thus far run primarily on cash....
Global crypto governance, despite India’s nine-month presidency within the Group of 20 (G20), has shown limited progress, according to Subhash Chandra Garg, India’s former finance secretary. India took on its G20 presidency in December 2022 and is set to hand over the leadership to Brazil in November this year. Throughout this period, Indian officials, including […]
With the Indian Government’s demonetization drive resulting in chaos and a rush for cash, Indians are turning to god to tide over the crisis. Worship places requested to deposit cash received. The characterization of India as a spiritual place by most tourists is not wrong, considering that it is the birthplace of multiple religions including Hinduism, Buddhism and Sikhism. Religious institutions play an important role in daily life and receive a lot of money - including small bills - as donations. The Ministry of Finance has requested religious institutions to deposit their cash donations....