India still reeling from shock decision three weeks ago to pull 86 percent of the currency from circulation overnight.
Tens of thousands of people joined nationwide protests on Monday against India’s ban on high-value banknotes, which organisers say has caused a “financial emergency” in a country that operates almost entirely on cash.
India is still reeling from Prime Minister Narendra Modi’s shock decision nearly three weeks ago to pull 86 percent of the currency from circulation overnight, triggering a chronic shortage of cash.
Many ordinary Indians say they support the scheme if it forces the rich to pay their taxes by making them bank undeclared income, but economists have warned it could hit growth hard.
The War On Cash Goes Nuclear In India, Australia and Across The World