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This is a huge move and in the end will benefit India in a big way. Basically by banning cash you are making transactions much easier to track. In turn this kil
by jtchang 10y ago
This is a huge move and in the end will benefit India in a big way. Basically by banning cash you are making transactions much easier to track. In turn this kills a lot of black market activity and stamps out corruption. By doing this India is making a move toward creating stronger protections toward businesses in the way of contract law and and intellectual property. This makes it much more favorable to innovation (your IP is more protected because the government is stronger)
- jaypaulynice 10y agoBut what happens when there is a major disaster? How will people pay if there is no internet/electricity etc.? At least with cash you can plan ahead...also what are the poor people to do?
- photonwins 10y agoPeople can still use lower denomination notes you know.
- swatkat 10y agoI guess the linked Bloomberg article doesn't make it clear? Cash hasn't been banned in India. Only ₹500 and ₹1000 denomination currency notes have been scrapped. Replacement currency notes (₹₹500 and ₹2000) with new design are being disbursed at banks and ATMs. It would take few more days to stabilize, that's all.
- jaypaulynice 10y agoThanks! I was responding to the comment by saying that banning all cash wouldn't be necessarily good...but yeah the article does make it sound like all cash would be banned...
- Ar-Curunir 10y agoThey aren't banning cash...