Saturday, November 12, 2016

Chaos In India As The Country's ATMs Run Out Of Money

Reuters: Anger grows in India as banks struggle to swap banned notes

Anger intensified in India on Saturday as banks struggled to dispense cash following the government's decision to withdraw large denomination notes in an attempt to uncover billions of dollars in undeclared wealth.

Tempers frayed as hundreds of thousands of people queued for hours outside banks for a third day to swap 500 and 1,000 rupee bank notes after the notes were abolished earlier in the week.

The banned bills made up more than 80 percent of the currency in circulation, leaving millions of people without cash and threatening to bring much of the cash-driven economy to a halt.

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WNU Editor: This is what I call a complete disaster.

More News On The Currency Chaos In India After The Government Bans High Currency Notes

Anger intensifies over India's demonetisation move -- Al Jazeera
India's currency purge leaves millions broke -- DW
Chaos in India as banks struggle to swap banned 500 and 1,000 rupee notes to the thousands queuing up to get their money -- Daily Mail
"There's Chaos Everywhere" - Indians Angry As ATMs Run Dry After Cash Ban -- Zero Hedge
India rupees: PM Modi says move had to be secret -- BBC
How India's currency ban is hurting the poor -- Soutik Biswas, BBC

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