So...

So, India has removed all of the high value rupee notes which constitute 86% of the countries currency in circulation value. The stated aim for this is to reduce currency hoarding and tax evasion. However the 350m people in India who don't have a bank account now need to exchange their high value notes for lower value notes, waiting in queues for hours or getting ripped off at money changes. Was this a good move for Modi? Discuss...

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the mad men...

My view - shit is going to get worse, riots and over 10,000 people will die in violence and revenge killings until Modi backs down. He is a nutter...

Things are staring to get better, ATM have started functioning in a phased manner
You can also exchange money at post office if you don't have bank a/c,
And also any friend or relative can exchange the cash if they have written declaration.
All this fear mongering is from people with unaccounted black money.

>Posts picture of shit on toilet paper
>India

Pick one

So has this actually hepled against the currency hoarding matter in any way? Seems a bit far-fetched to me...

How are you meant to get shit done when the biggest note available is worth $20? Is it all electronic funds or cheques or what?

What is the popular view of Modi after this?

Funny North Korea did the same thing.

>The won was revalued in November 2009 for the first time in 50 years. North Koreans were given seven days to exchange a maximum of ₩100,000 (worth approximately US$40 on the black market) in ₩1,000 notes for ₩10 notes, but after protests by some of the populace, the limit was raised to ₩150,000 in cash and ₩300,000 in bank savings.

For btc holders, it's great ;)

Precious metal holders too - I saw some figure of gold trading at $2600 an ounce.