Sunday, November 20, 2016
millions of people in search of food in India...because all cash was deemed NO GOOD and IRREDEEMABLE last Tuesday
At around 8pm on 8 November, India’s PM Modi announced, in a broadcast to the nation, that India’s INR500 and INR1000 banknotes would no longer be recognized as legal tender from midnight and that citizens would not be able to exchange their existing notes. in one fell swoop, just over 86% of all banknotes in circulation became just paper. Fact is, high percentage of transactions take place in cash in India, especially in the rural areas.