Saturday, November 19, 2016

India Offers Some Relief to Chaos It Created With Currency Ban

According to the New York Times, the Prime Minister of India has placed a ban on high currency bills. Because of this, it has caused for retail commerce to slow, farmers having almost no customers and people have been waiting in long lines just to retrieve their money from ATM's. This past Thursday, the government cut the exchange limit in half from approximately $60 to $30. This is in their hopes to provide more evenly distribution of cash. However, there was an exception made to families who had wedding to celebrate, because of the wedding season in India. Another exception would be made to farmers in order to pay for the labor and produce at markets. The purpose of this was to drain out black money in the system. The additional downside includes the currency shortage in their transition.

Alexa Ortiz

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