4 ms·
It's similar to the demonization in India in 2016 where the goal was to force people to declare their piles of black money. People don't always declare things c
by edge17 4y ago
It's similar to the demonization in India in 2016 where the goal was to force people to declare their piles of black money. People don't always declare things correctly for tax purposes, and black money leads to other parallel economies (terrorism, trafficking, etc). In modern times it also encourages people to switch to digital payments rather than handling cash, something which makes tracing money easier in general.
- aneeshnl 4y agoNote that it didn't end very well for India. The initial claims are conveniently forgotten and people just suffered. More than 99% of the currency got returned anyway, contradicting government's claims.
- edge17 4y agoNote that I didn't comment on the outcome, only the intended purpose. I suggest reading the demonization wikipedia article for more examples if the India example doesn't satisfy you. https://en.m.wikipedia.org/wiki/Legal_tender#Demonetization https://en.m.wikipedia.org/wiki/Legal_tender#Demonetization
- Symbiote 4y agoIt has little in common with the Indian situation, since the Bank of England will exchange these notes indefinitely. Other banks will usually also accept them (at least for their customers) for several years. It's routine, it's happened to 13 notes since 1990: https://en.wikipedia.org/wiki/Bank_of_England_%C2%A320_note https://en.wikipedia.org/wiki/Bank_of_England_%C2%A320_note