News Rounds: Indian government’s ‘war on cash’ causing harm, disruption

Indians stand in a queue outside a bank to withdraw cash in Ahmadabad, India, Friday, Dec. 2, 2016. A lot of regular activities involving payment in cash is seeing at least a temporary slowdown after Indian Prime Minister Narendra Modi announced demonetization of India's 500 and 1,000-rupee notes, which made up 86 percent of the country's currency. (AP Photo/Ajit Solanki)

People are dying because of India’s audacious cash modernization strategy. Few peacetime episodes in India’s 70-year history have proved as contentious or chaotic as the government’s currency ban, which has unleashed tragic consequences across this cash-dependent economy and stained Prime Minister Narendra Modi’s reputation as a capable administrator. The war on cash move by Modi to ban certain denominations of rupees is aimed to reduce corruption, counterfeiting and hoarding. Some say the strategy has been especially hard on the poor, has slowed the Indian economy overall and that Modi’s promised benefits have not materialized. Today is the last day for Indians to ‘exchange’ the banned notes for approved notes  (LA Times)

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