India’s Botched War On Cash
|12/15/2016||Posted by BusinessMediaguide.Com under General World News||
India is in the throes of an unprecedented social experiment in enforced digital disruption, and the world has much to learn from it.
Prime Minister Narendra Modi launched a surprise in early November, demonetizing 500 and 1,000 rupee bank notes. Modi’s war on cash is not without international precedent: Singapore, for example, withdrew its largest currency recently; the European Central Bank eliminated the 500-euro bank note; South Korea plans to eliminate at least all coins by 2020.
And yet India’s initiative had the potential for chaos. Here’s why: the government effectively took 86% of cash out of circulation in an economy that read more >>>