“There’s Chaos Everywhere” – Indians Angry As ATMs Run Dry After Cash Ban

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The blowback from the world’s latest strike in the war on cash is unraveling fast in India. This week’s decision by PM Modi to ban some high-denomination banknotes (on the premise of fighting corruption) has left “chaos everywhere” according to one official who accused the prmeier of wreaking havoc on the poorest Indians. As Reuters reports,nearly half of India’s 202,000 ATMs were shut on Friday and those that operated quickly ran out of the new notes as scores of people descended upon them.

Bloomberg’s somewhat calming perspective on the events taking place in India…

India?s banks have been caught out by Prime Minister Narendra Modi?s unexpected and widely-praised announcement late on Tuesday of the withdrawal of 500-rupee and 1,000-rupee notes, part of a crackdown on tax evasion and the underground economy. Jaitley urged people not to rush to banks immediately and wait for a few days and to conduct…

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