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In my country, we have a similar system like in India (in fact, we copied it from them) and I've experienced this situation: a government-run gas company mistak
by kgeist 3y ago
In my country, we have a similar system like in India (in fact, we copied it from them) and I've experienced this situation: a government-run gas company mistakenly claimed I owe them money, and the bank withdrew the claimed amount without due process, because they have some sort of mutual agreement that all their claims are legit unless I bring the issue to court. I won and they had to return the money.
- seanhunter 3y agoHow would that have been different had shops and local merchants been forced to accept cash?
- kgeist 3y agoThe government can't just take away all your cash on a whim without any notice. That's why, I guess, some people prefer cash. If you want to use cash, you want local shops to accept cash. Personally, I'm OK with being cashless.
- arch-choot 3y agoFunnily enough, India did something similar to that - they overnight made 500 & 1000 rupee bills (the two highest value denomination - approx ~8 & 16USD at the time) illegitimate. There were ways to convert those to the new bills, slowly, and capped at a certain amount iirc. The goal was to "make illegal money" (i.e. tax evasion / sourced from corruption) useless. https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis...