Do you think that demonetisation has done any good to India?

  1. profile image60
    joey2577posted 13 months ago

    Do you think that demonetisation has done any good to India?

    Do you think demonetisation has done any good? Foreign hubbers I need your opinions on this

  2. tamarawilhite profile image92
    tamarawilhiteposted 13 months ago

    The end result was bad. Banning the large notes without planning for things like distribution resulted in people not being able to replace their money without money laundering - creating more crime. Modi's government saying it could seize up to 200% of deposits if you show up with too much cash also led to more money laundering, like donating money to temples to get 80% back over time. People were afraid then to deposit money and become "banked", so you saw gold prices spike and cattle purchases explode.
    The failure to design notes that fit in ATMs resulted in long lines among people who could least afford to wait a day to exchange money at a bank.
    The failure in planning resulted in the day labor economy coming to a halt, with the poorest in India unable to work for cash and businesses afraid to receive cash. Children went hungry because many businesses had no cash to pay workers, and there are confirmed deaths where people had cash to pay for medical care but the hospitals refused it for fear that the old notes couldn't be converted in time.
    And the fact that they are printing new notes after banning the old ones is an admission it totally failed.