All Pain, No Gain: India’s Failed Demonetization Is a Lesson to All
It was on Nov. 8, 2016, in a shock announcement, that Indian Prime Minister Narendra Modi announced around dinnertime that banknotes of Rs.500 and Rs.1000 would no longer be legal tender starting midnight. It has been exactly a month since he made that announcement. His key objectives in scraping 86 percent of the circulating currency in a country of over 1 bln people, was to remove “black money” out of the system, fight counterfeiters and stop the financing of terrorist organizations. While it can be argued that the measure may have had limited success in all of these fields, the....
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India’s ongoing demonetization process has created chaos and inconvenience for many Indians, especially the country’s middle and lower class. The government’s purpose is to scrap 86 percent of the current physical money in the system to curb counterfeiters and stop the financing of terrorist organizations. Bitcoin.com spoke to Sameera Pandilakshmi, an....
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....
Indian Prime Minister Narendra Modi’s demonetization of 500 and 1,000 rupee banknotes has thrown India’s economy and financial systems into turmoil. Local residents now struggle to obtain cash to support and finance their day-to-day living. The government’s restriction on gold importation is also affecting the general population, as 78% of Indian....
India’s Finance Minister Arun Jaitley said this week that banks should embrace the digital age and get into “mission mode.” The country has been in the headlines worldwide for its recent demonetization practices. The Finance Minister believes government needs to continue to discourage the use of physical currency. After Demonetization, India’s Finance....
India’s largest bank by assets, the State Bank of India (SBI), will be the first in the country to embrace branch-less banking by launching its digital-only bank, SBI Digi Bank. The move by India’s largest bank is significant, in a country that is exhaustingly reliant on banking at physical locations. The digital bank will see a launch sometime in the next 3-6 months, according to a report in Indian daily the Economic Times. The country’s largest lender is initiating its 100% digital banking endeavor within months of an unprecedented demonetization drive enforced by the Indian central....