On a quote to destroy the black colored economy and increase taxation earnings, India’s government abolished cash – or at the very least particular circulating records. The outcome? A tragedy, says Simon Wilson.
Exactly exactly just What possess occurred?
India’s cash-dependent economic climate are striving to deal with the surprise of the well-intentioned but badly performed energy to deal with corruption, taxation evasion in addition to big black colored economic climate. The country’s two highest-denomination notes, the 500-rupee and 1,000-rupee notes, would no longer be legal tender on 8 November Prime Minister Narendra Modi suddenly announced, live on television, that as of midnight that night.
But, the records wouldn’t normally end up as useless bits of report during the swing of midnight.