India is the world’s largest democracy. With over one billion people, its government often lurches and sputters to find the right fix on any number of issues. This is especially true in matters of monetary policy.
When it felt duty-bound to effectively sack its INR in the most popular amounts, it did so without warning. One day 500 and 1000 INR bills were legal tender, the next day they were not. Indians were pushed to banks, hoping to salvage what might be left of their personal wealth.
The equivalent in the United States might be if 10 and 20 USD paper was no longer useable.
India also has an enormous unbanked population, and its poverty levels have been extensively publicized. These are the people who live on smaller numbered cash bills, be they for employment or simple market transactions.
Full story at http://bit.ly/2xOiwQK
Source: Bitcoin News
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