{"id":22181,"date":"2016-11-12T16:04:51","date_gmt":"2016-11-12T21:04:51","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22181"},"modified":"2016-11-12T16:04:51","modified_gmt":"2016-11-12T21:04:51","slug":"theres-chaos-everywhere-indians-angry-as-atms-run-dry-after-cash-ban","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22181","title":{"rendered":"“There’s Chaos Everywhere” – Indians Angry As ATMs Run Dry After Cash Ban"},"content":{"rendered":"

“There’s Chaos Everywhere” – Indians Angry As ATMs Run Dry After Cash Ban<\/a><\/h3>\n
<\/section>\n
The blowback from the\u00a0world’s latest strike in the war on cash is unraveling fast<\/strong>\u00a0in India. This week’s decision by\u00a0PM Modi to ban some high-denomination banknotes<\/a>\u00a0(on the premise of fighting corruption) has left\u00a0“chaos everywhere”\u00a0<\/strong><\/em>according to one official who accused the prmeier of wreaking havoc on the poorest Indians.\u00a0As Reuters reports,<\/a>\u00a0nearly half of India’s 202,000 ATMs were shut on Friday and those that operated quickly ran out of the new notes\u00a0<\/strong>as scores of people descended upon them.<\/div>\n
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<\/a><\/p>\n

Bloomberg’s<\/em><\/a>\u00a0somewhat calming perspective on the events taking place in India…<\/div>\n
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India\u2019s banks have been caught out by Prime Minister Narendra Modi\u2019s unexpected and widely-praised announcement late on Tuesday of the withdrawal of 500-rupee and 1,000-rupee notes,<\/strong>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 financial transactions using electronic transfers, cheques and credit and debit cards.<\/div>\n

\u201cA big regret is that people are getting inconvenienced, but currency replacement of this magnitude will cause some problems,\u201d\u00a0<\/strong>said Jaitley.\u00a0\u201cThere are long, but orderly queues. Such a big currency replacement can\u2019t be done overnight.\u201d<\/strong><\/p>\n

Indians rushed to deposit 478.68 billion rupees ($7.1 billion) of cash at State Bank of India after the government\u2019s surprise move to abolish high-denomination banknotes, as\u00a0customers queued for hours to deposit or exchange the old bills and ATMs ran dry.<\/strong><\/p><\/blockquote>\n

Are very different from the more frantic scenes described on social media and reported on by\u00a0Reuters<\/a>…<\/p>\n

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Anger intensified in India on Saturday as banks struggled to dispense cash following the government’s decision<\/strong>\u00a0to withdraw large denomination notes in an attempt to uncover billions of dollars in undeclared wealth.<\/div>\n

<\/a><\/p>\n

Tempers frayed as hundreds of thousands of people queued for hours<\/strong>\u00a0outside banks for a third day to swap 500 and 1,000 rupee bank notes after the notes were abolished earlier in the week.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

“There’s Chaos Everywhere” – Indians Angry As ATMs Run Dry After Cash Ban The blowback from the\u00a0world’s latest strike in the war on cash is unraveling fast\u00a0in India. This week’s decision by\u00a0PM Modi to ban some high-denomination banknotes\u00a0(on the premise of fighting corruption) has left\u00a0“chaos everywhere”\u00a0according to one official who accused the prmeier of wreaking […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[1035,1034,4075,422,536,14520],"class_list":["post-22181","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-cashless-society","tag-chaos","tag-india","tag-money","tag-narendra-modi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22181"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22181\/revisions"}],"predecessor-version":[{"id":22182,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22181\/revisions\/22182"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}