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Talking to my colleagues in India, it sounds like it's going to get a lot worse. Many are resorting to barter trade. There's a huge and rising black market buyi
by korginator 10y ago
Talking to my colleagues in India, it sounds like it's going to get a lot worse. Many are resorting to barter trade. There's a huge and rising black market buying Rs. 500 and Rs. 1000 currency notes at a discount. Banks are either closed or out of cash. ATM's are rarely topped up and the government claims they will take weeks to fix.
Some banks are seeing so much cash being deposited, it's weird. I was sent a photo of plastic bags full of cash tossed on the floor in the corner of a bank.
People are starting to get very very restless and often violent. Not surprising, as I hear they're queueing for six to eight hours only to be told there was no more cash to dispense.
The intentions were good, but this could be the act that topples the Modi government. This is a disaster in the making.