The Black Money Backlash
Over two weeks after India’s abrupt demonetization of high denomination banknotes on November 8, the cash-driven economy still remains largely in a state of standstill, particularly the rural parts of the nation, where the government’s attempts to restock banks with “new” cash (even with the use of army helicopters) have failed to re-normalize commerce. As a result, the local population of business owners, unable to spend or deposit their “sackfuls of large bank notes amid India’s crackdown on hoarding cash”, is taking matters into its own hands, and as the WSJ explains, has started paying employees months of salary in … Continue reading →
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