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This is a strategy copied from China. They did same in 1970-80's. Funny part is this is trying to get money from within Indian economy and wasting on govt and p
by dragonsh 10y ago
This is a strategy copied from China. They did same in 1970-80's. Funny part is this is trying to get money from within Indian economy and wasting on govt and pet projects. The promise to re-patriate black money stashed outside India nowhere in sight. China bring in fugitives and money back even from official who took US citizenship. Modi can just dream of it and take money from hardworking Indians living in India.
Populist measure to increase vote bank and divert attention from original promise to bring back black money from abroad to India.
- leafee 10y ago> This is a strategy copied from China. They did same in 1970-80's. Citation needed.
- guard-of-terra 10y agoUSSR did that quite a few times. They'll invalidate existing bills and you would only be able to exchange a few of those. Do this enough times and people will rightfully call the local currency "wooden", and switch to USD for any large transactions. https://en.wikipedia.org/wiki/Monetary_reform_in_the_Soviet_Union,_1991 https://en.wikipedia.org/wiki/Monetary_reform_in_the_Soviet_... Rouble also became worthless in the following years, Venezuela-style. Accompanied by Venezuela-like poverty.
- atxcrab 10y agoIndia did this once already . 1978 - all denominations gt than 100 INR were demonetised