>In an unscheduled televised address on 8 November Prime Minister Narendra Modi gave the nation just four hours notice that 500 ($7.30; £6) and 1,000 rupee notes would no longer be legal tender.
>Some 90% of transactions in India are in cash.
>It's a huge problem. More than half of Indians still don't have a bank account, and some 300 million have no government identification. [You need an ID to exchange cash]
So, basically, India, a mostly cash economy, just scrapped it's larger denomination bills, and is forcing people to exchange them for R100 notes (~$1.50,) ID required, in a country where ~90% of business is conducted in cash where 50% of the population doesn't have a bank account and 25% doesn't even have ID.
I give you poos a week to get this sorted out, else you are going to have some major problems that probably involve stomping dicks and putting heads on pikes.
Eli Cruz
to be fair the 50% that don't have bank accounts probably make less than R11 a day and the 25% without IDs probably make 0
Luis Williams
meant R100 a day
Jose Cooper
It's the fault of white people.
Michael Taylor
perfect. i doubt their banks have enough to cover the transfers, so indian monopoly money gets a boost overnight
Christian Hill
The government owns all money
Nathan Wright
>More than half of Indians still don't have a bank account, and some 300 million have no government identification.
India is Africa tier - you shit skins need to stop wasting money on a space program while you're this backwards.
Also, why the fuck did they do this? Are those notes stupid easy to counterfeit or something?
Jonathan Campbell
Right wingers, everyone. They're all morons
Bentley Lee
My parents are over there right now and they say that it's pretty bad. There have even been rumors of a lot of suicides. They have about 50 days to exchange the notes but you can only exchange so much a day and the lines are insane.
They have also said that it has been bad for tourists who don't have anything but cash.
Blake Morales
Whenever I'd go to visit family i'd put my money on the black market and get a much better exchange rate so idgaf honestly.
Angel Wright
Too much cash about.
It doesn't seem right for a country to have both a space program and shitting fields does it?
Ayden Young
apparently bad guys had a bunch of cash and this is to hurt them
Jayden Moore
Don't forget: India has a space program and will be a major world power by 2030.
Yeah. Bullshit.
Jose Myers
Jew banks are going all in on India. Get fucked poo in the loo.
Sebastian Lewis
It was supposedly to stop corruption. Because that'll work.
Gabriel Barnes
That's retarded
Parker Wilson
I think it's something done by corrupt officials to distract the people from their own actions and seem like they're doing something. It's a stupid thing to do and it probably hurts every day Indians more than malicious criminals.
Ryan Cook
Toilet paper is the new currency, due to its scarcity
Oliver Fisher
There are no Jew banks in India. We always force them to shut down because of government waivers of loans, easy defaulter laws and high interests on Savings account.
Currency is one of the most abundant things in India, the reason why there are thousands of people queued up on every bank branch to deposit and exchange the old ones.
Brody Powell
yes i know, but that is what their politicians and dru media are trying to spin it as
Kayden Roberts
>People are dumping there black money in dumpsters, drains, rivers, temples' donation boxes and burning sacks full of cash to avoid to pay a 200% penalty.
