Home » General World News » India’s Botched War On Cash

India’s Botched War On Cash





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 >>>

Source:: HuffingtonPost.Com

Comments are closed.