| After Narendra Modi voided the largest bank notes, the hoarding of small bills is slowing small-scale commerce. A week after Prime Minister Narendra Modi abruptly voided India’s largest bank notes, people across the country are holding on to small bills, a response that is pinching cash-based economic activity and causing some analysts to re-examine their forecasts for output growth.
Modi said on Nov. 8 that invalidating 500- and 1,000-rupee bills ($7.50 and $15) would help flush out tax-evading tycoons and crooked bureaucrats who store illicit income as cash........................................Full Article: Source
|