Business, career & technology

Rural India hit hard by currency ban

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chase-phillips
chase-phillipsHost

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This is happening as the banks can not make enough new money to exchange the old ones and even people have money they can't use, no one will accept the money. What a crisis! Hopefully soon it'll be solved, otherwise it's all the people in rural India that suffers.
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:o3
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Here is a link to Part 1, about what happened in the first two days after India’s government made Rs 500 (~$7.50) and Rs 1,000 (~$15) banknotes illegal. They can now only be converted to Rs 100 (~$1.50) or lower denomination notes, at bank branches or post offices. Banks were closed the first day after the decision. What follows is the crux of what has happened over the subsequent four days.

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I am very fearful of a worldwide financial collapse. It is frightening to think what could happen globally if situations like this in India were to spread.
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I think these people just need to exchange their banned bills for bills that are in circulation. Their money still has value which is what counts overall.
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How horrible. Imagine going to buy food and your money has no value.
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The banks are simply unable to provide these people with cash because they can't print the replacement money fast enough. The move was made all of a sudden, clearly with no thought or planning.
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Rural India always stands last in queue when it comes to the provision of facilities or redressal of problems. It's no surprise that it now stands lands last in line to get any relief from the chaos caused by the government's sudden move to demonetise Rs 1000 and Rs 500 notes.

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And it is clearly obvious to us that having the new Rs 2,000 note right now is of little use. While banks and ATMs in cities are being regularly replenished to dispense Rs 100 notes, things are not as easy in the countryside."What will I do with these notes of Rs 2,000? Nobody has change in the market," said another customer who was given two notes of high-denomination currency in exchange at Telangana's Attapur Bank.
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Only the poor is made to feel like he is the black money holder and has to sweat and take pain for 4000rs , while all the BJP and its beneficiaries are enjoying 500cr big fat wedding with impunity
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Don't believe all these presstitutes
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Fertile imagination don't worry rural people know how to manage
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Upcountry emotional support for “black money clean up” is strong; but currency supply must improve dramatically, else could dissolve into uncontrolled anger.
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Meanwhile, demonetization is absolutely destroying formal and informal banking in rural India
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While there are reports of dharna by pensioners in front of panchayat offices in protest against the payment through banned currency notes, people in several districts staged demonstrations before cooperative banks demanding exchange of demonetised Rs 500 and Rs 1,000 currency notes.

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It has been a week since the Indian government scrapped 500 and 1,000 rupee notes, which represented the vast majority of the trade out dissemination.
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