There's a depressing sense of deja vu about similar stories pouring in of long queues of depositors outside depleted cash machines in at least five states - Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar.
It brings back fears of the chaotic scenes across India after Narendra Modi's ruling BJP government's November 2016 ban on high-value currency notes, which then accounted for 86% of the cash in circulation. Mr Modi had said the move was a shock government crackdown on illegal cash.
It is another matter that Indians returned almost all of the money - some $240bn (£169bn) - to the banks, and the currency gamble is now widely acknowledged, in the words of an economist, as a "failure of epic proportions".
So why is there a sudden cash squeeze in at least five states, home to more than 300 million people? Full story...
Related posts:
It brings back fears of the chaotic scenes across India after Narendra Modi's ruling BJP government's November 2016 ban on high-value currency notes, which then accounted for 86% of the cash in circulation. Mr Modi had said the move was a shock government crackdown on illegal cash.
It is another matter that Indians returned almost all of the money - some $240bn (£169bn) - to the banks, and the currency gamble is now widely acknowledged, in the words of an economist, as a "failure of epic proportions".
So why is there a sudden cash squeeze in at least five states, home to more than 300 million people? Full story...
Related posts:
- The real Indian currency crisis: things you don't hear in the news...
- Price of gold skyrockets in India after currency ban...
- India's Modi calls for move towards cashless society...
- What do the cash queues tell us about India?
- India's currency debacle...
- India wants people to turn in their gold...
- The criminal who inspired a new currency...
- Indian economy grinds to a halt after cash-ban: "Faith in system shaken"
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