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IIRC the reasoning was that only criminals have large amounts of valuable notes and by demonetising them they'd hit the criminals where it hurts. But it turns
by theshrike79 2y ago
IIRC the reasoning was that only criminals have large amounts of valuable notes and by demonetising them they'd hit the criminals where it hurts.
But it turns out that tons of people in rural India had their life savings under mattresses in large denomination bills...
- lacy_tinpot 2y agoIt essentially forced people into getting a bank account.
- theshrike79 2y agoYea and caused massive queues of people desperately trying to deposit their cash before the deadline :)