• Thursday, December 08, 2022

News

Indians reeling from cash crisis

Indians crowd the entrance of the State Bank of India branch to deposit or exchange their old banknotes

By: Eastern Eye Staff

Chaotic scenes have continued across India, with businesses fearing closure, farmers prevented from buying seeds for crops, and people dying while queuing to withdraw cash after Rs 500 and Rs 1,000 notes were dramatically pulled from circulation two weeks ago. The shock move by prime minister Narendra Modi aims to bring billions of dollars worth of unaccounted wealth or “black money” into the mainstream Indian economy and end corruption. Modi said on November 8 that all Rs 500 (£5.88) and Rs 1,000 (£11.77) notes – some 85 percent of all bills in circulation – would cease to be legal tender…

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