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kiwikeith



Joined: 25 Sep 2006
Posts: 151
Location: Perth, Australia

PostPosted: Wed Nov 16, 2016 11:12 pm    Post subject: Reply with quote

India’s Demonetization Devastates the Working Class and Poor

Quote:
Indian Prime Minister Narendra Modi, in his so-called efforts to crack down on corruption, announced last week that all 500 and 1000 rupee notes would cease to be legal tender. His reasoning? That this measure would flush out black money and rid counterfeit notes held by terrorists who use it for their nefarious activities.


Quote:
And in an India where the cancelled notes account for 86 percent of all the currency in circulation, where 90 percent of transactions occur with cash, and where 85 percent of workers get their incomes in cash, the result is a fatal blow to the most impoverished, as well as the working and middle class. This while the rich – the group most likely to be “cashless” – will likely remain unscathed.


Indian Demonetization

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