India Bans Large Currency

In an abrupt move, India’s prime minister moved to eliminate the larger bills from the Indian currency ASAP, in the hopes of limiting the black and informal economies and reducing corruption. This isn’t the first time a country has tried this, but so far the track record is pretty bleak. It is causing rather large disruptions in India, and the expert opinion seems relatively unified in calling this out as a move unlikely to succeed. It also will likely make life harder for India’s already large population struggling in poverty.

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