What the fuck is happening in India?!?

cnbc.com/2016/11/15/indias-black-money-corruption-drive-creates-chaos-long-lines-and-leaves-tourists-stranded.html

Modi just broke down crying in a speech and claimed he is going to be assassinated.

Indian anons, please explain what is happening. The news in the US is scared for you all.

>pajeet policy

>banning banknotes

I don't understand India

>85% of money supply is in 500 and 1000 bills
>people keep them at home instead of in banks
>government cancels the bills, makes people trade them in
>supposed to have tax cheats and corrupt officials bring in and disclose money

They should have closed down 500 bills, then a few weeks after that was successful do the 1000 bills.

They banned 86% of the bank notes in the economy.

86%!

And guess why the people do that.

Banning 86% of all banknotes in the economy at one time isn't reasonable.

And everyone with a brain knows why they banned it, and it's not because of corruption.
It's because the state banks are capital-starved and about to crash.

Bank note transfers (bannings) have occured before in multiple nations.

Almost all of them occurred during financial crises to recapitalize the banks, and failed to stop corruption.

Wow, shit gets interesting.

Is bank penetration that bad in India?

>broke down crying
lolwut
and replaced
there are too many fake notes in circulation in india, on top of the piles of black money, which is coincidentally brought by pakistan. ISI hijacked a huge portion of our economy every year due to this.

No its just that population is too high

Wow an expert on indian economy, do you have any more solid facts to tell us about?

Indian people like to keep money, a lot of regular people invest in gold.

This is mostly for people who cheat on their taxes and store a lot of their money elsewhere. Its quite a big problem in india.


I dont think it should be a big problem for most people in india, most regular folk that are middle income dont keep more than a couple lakhs at home. This would be like a regular american family having a couple thousand dollars in $50/100 notes compared to drug dealers/etc people who have thousands of dollars.

Now that they have introduced new Rs500 & Rs2000 notes. The people who are hording their money illegally will lose a lot of their money if they just keep it at home or in some foreign bank.


I personally have about two Rs1000 bills on me, will go into my collection of money from all over the world.

The intention was good but execution is a disaster. Shows how out of touch India big wigs are with the populace. Percentage of bank saving is very low in India, particularly in rural areas. These people keep cash because no bank will lend them money or there are no banks, period where they live. The rushed implementation, along with rumors that Modi's cronies got to change their own stash before the official announcement points to ulterior motives.

>Modi just broke down crying in a speech and claimed he is going to be assassinated.
Either lost in translation or intentional lie

reminder: don't forget poo in loo

Holy shit, the Brits really did teach monkeys how a queue works. That's borderline impressive.

I got back from India 3 weeks ago and took some of their money with me haha

That would be useless now

Be right back guys, gotta take the Browns to the designated shitting street.

Sweet, now it's a collector's item

Just like the Koh-i-Noor.

but still forgot to teach you how to not poop in your pants.

...

totally

...

Is he a bad guy or a good guy getting targeted by bad guys because of their money loss?

many people like his decision even if they have to stand for long periods in a queue, and some dont like his decision too obviously.
Naxals, terrorists, and illegal hoarders were the most hit.
the left and liberals hates him though, always

Is he right wing?

Hindu nationalist

Their government is quiete based.
They even send hindu missionarys after the evangelical missionarys to deconvert the villages they converted again and other hillarious shenanginans which make some people buttmad.

What if someone is uninformed in the remainder of this year? Like if a person keep all his wealth in his safe but no one else know, and he become a veget. In year 2018 he recovered but all his saving will then become trash?

Indians are right, keeping money in jars n shit is safer than banks in 2d and 3rd world countries.

He is also blamed for 'doing nothing' in the 2001 hindu-muslim riots when he was the chief minister of gujarat.

>massively corrupt shithole with a 25% shadow economy
>tries to clean up the shithole by forcing people to be honest
>people butthurt about it because the corruption starts at the very top
>people trade in their 500s and buy gold

India, you're doing it wrong