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I do business in India and travel there every month. The people I deal with are uniformly panning this as an anti-people move, specially for the hundreds of mil
by korginator 10y ago
I do business in India and travel there every month. The people I deal with are uniformly panning this as an anti-people move, specially for the hundreds of millions (yes, there are that many) unbanked citizens. Most people use cash for daily transactions. Banks and ATMs are closed today, and possibly tomorrow. This move was managed disastrously according to every single Indian I spoke with today.
- murukesh_s 10y agoI live in India. Talked to lot of friends and every single one lauded the move. Of course it is a bit inconvenient, but everyone are ready to sacrifice it in long term. But I live in a city. It would be a bit more inconvenient in villages. But I am sure they will adjust as everyone are used to giving and taking credits in smaller villages. But the mood might not be very bright in business communities(And there is chance you talked to them). Remember in India only 3% of the population pay taxes (Yea 3%, really shocking. Many small and medium businesses don't file tax. This move will ultimately make them move cash into the bank and could later bring them into tax bracket. Edit: reference for % population paying taxes http://bit.ly/2fDR7by http://bit.ly/2fDR7by
- sfifs 10y agoLooks like you've been frd propaganda by people who have black money. I talked to a number of lower income small tradesmen, maids, drivers, security guards etc. today as I went to work today and everyone was uniformly very supportive of the move and willing to make adjustments required.