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  • 1 year ago
Liberty & Culture - India Going Cashless

Liberty & Culture - India Going Cashless

On 8th November 2016, Indian Prime Minister, Narendra Modi, declared 86% of the monetary value of cash in the system illegal. This was done with three stated objectives: end counterfeiting, corruption and terrorism. This led to huge chaos and has continued till today. In fact, as we talk today, on 18th December, chaos is worse than it was earlier. The line-ups are huge and are growing. Banks have no cash. ATMs have no cash. There was no planning. ATMs have not been calibrated. More than 80 people have died merely in the line-ups. Economy is grinding to a halt. At least 80,000 people have lost their job just in the city of Surat. You can take out only Rs 24,000 per week, but no bank is giving even this cash, for they have no cash to give out. Counterfeiting is up since demonetization was announced. Banks have become very corrupt, for they have an opportunity to help out the bribe-giver. Common person lacks access to cash. Middle Class is now starting to suffer. It seems that the whole c