CASH

CityPress - - Business -

Aman holds a charred fac­sim­ile of the dis­con­tin­ued In­dian 500 ru­pee ban­knote af­ter a protest by a traders’ as­so­ci­a­tion out­side the Re­serve Bank of India in Kolkata this week. Pro­test­ers were de­mand­ing ad­e­quate ar­range­ments to ex­change dis­con­tin­ued ban­knotes.

On Fri­day, In­dian po­lice used wa­ter can­nons to dis­perse Youth Congress ac­tivists as they tried to cross a po­lice bar­ri­cade dur­ing a protest against the change of ru­pee notes in New Delhi. In­dian bank of­fi­cials started leav­ing an ink mark on the fin­gers of peo­ple who had ex­changed their dis­con­tin­ued ru­pee notes for new ones.

In­dian Prime Min­is­ter Naren­dra Modi an­nounced the elim­i­na­tion of the 500 and 1 000 ru­pee bills for the pur­pose of fight­ing “black money” (hid­den as­sets) and cor­rup­tion.

Store­keep­ers com­plained about dwin­dling sales be­cause many cit­i­zens lack the cash to buy the most ba­sic prod­ucts, as queues at ATMs and banks get longer.

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