We are 17 days away from Prime Minister Narendra Modi’s 50-day deadline to end the worst effects of the scrapping of 86%–by value–of India’s currency. In the chest-thumping, hand-wringing and controversy that has ensued since the announcement on November 8, 2016, there has been an absence of facts on the question of re-monetising India.
Customers damaged furniture at a state-run bank in Uttar Pradesh on Thursday and reports of public anger spilling over emerged from other places as the government struggled to meet the demand for cash on the first payday since the recall of high-value banknotes.
Police in the Indian city of Bangalore have arrested the driver of a van carrying cash for ATMs who is accused of stealing 9.2m rupees ($134,000; 拢107,000) in new 2,000 rupee notes.
India on Thursday (Nov 24) stopped the over-the-counter exchange of old bills as the government faced growing criticism of its shock move to withdraw all high-denomination banknotes in a bid to tackle widespread corruption and tax evasion.
India's independent Election Commission has asked the government not to use indelible ink to check multiple cash exchanges by people at different branches of banks.
India's sudden move of scrapping currency notes of higher denominations to curb the menace of black money seems to be a nightmare for the country's poor and the middle class.
The surprise government move is aimed at tackling corruption and tax evasion.
Police warned the public about low quality, fake banknotes in small denominations yesterday, as the number of HK$100 counterfeits jumped more than four times in the first nine months of this year from the same period last year.
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