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Liberty & Culture - India Going Cashless II

Liberty & Culture - India Going Cashless II

Interviewee: Dr Madhusudan Raj, Assistant Professor of Economics at Veer Narmad South Gujarat University, India

A discussion on what the situation is like in India at the beginning of January 2017. India declared demonetization of Rs 500 and Rs 1,000 banknotes, which were worth $7.50 and $15 respectively. This was according to the Indian Prime Minister, Narendra Modi, done to end corruption, end terrorism, and to stop counterfeiting. The scenes on roads continue to be chaotic. Even two months after the declaration of demonetization, it continues to be very difficult to get money out of the banks. You have to keep going to the bank to have some hope of getting some money. The best the bank gives you is about Rs 5,000 ($75). Lineups are long. There is now huge corruption inside the banking system. In India, if you can speak English you are treated well. So poor people are treated much worse. Almost all the banned cash has been deposited at the banks, which means that their expectation