From FT Alphaville:
Death of cash, India’s black money attack edition
You have 50 days (From 10 Nov to 30 Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office,” PM Modi told the nation in a televised address to the nation....
That’s Indian prime minister Narendra Modi declaring that 500 and 1000 rupee notes will be void from December 30. You know… No big deal.
Updating with a bit of context: The notes involved here, per the FT based on RBI data, constitute some 86 of the value of all cash in circulation in India atm. And, despite being the current largest notes out there, are used daily in ordinary transaction and to pay monthly salaries, bonuses… basically everything.
It’s not really about the death of cash of course (even if you gotta say every nod to the reality of cash as the lubricant of corruption brings us further down that road) it’s about curbing the black money menace....MORE*Four days later the Soviets blockaded the city of Berlin to starve and/or freeze the population into submission which led to one of my favorite examples of clear thinking, recounted in 2008's "Ag Stocks and The Berlin Airlift (AG; MOS; MON; POT)"
