India's Bonfire of the Bank Notes
Why did India's prime minister ban the use of the country's most widely used bank notes?
On 8 November, the Indian Prime Minister Narendra Modi made a stunning announcement. As of midnight that day, all 500 and 1000 rupee notes would no longer be legal tender. The announcement came as a shock not only to the Indian public, but also to businesses, banks and some of Mr Modi's closest advisors.
Large queues formed at banks across the country as people tried to exchange their old notes for new ones and businesses came to a grinding halt. Agriculture was one of the sectors that was hardest hit. It…
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