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TheStreet: Why India's War on Cash Is a Warning to the U.S.
By SIMON CONSTABLE
India's economy crumbled in just weeks, all because of a misguided war on cash. This should be a lesson to anyone pushing for a cashless society.
While Americans were going to the polls on Nov. 8,
India's Prime Minister Modi
made an announcement that all existing large-denomination bills would need to be
deposited in banks in exchange for new bills
. The bills in question accounted for almost all the cash in the economy.
The request was startling. The result: India's economy ground to a halt. Read more
February 07, 2017
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