Why India Suddenly Banned Its Own Money
And how it's influencing their economy.
What would you do if one day, most of your cash was suddenly worthless? In India, millions were shocked when on November 8th, 2016, the government placed an immediate ban on the 500 and 1,000 rupee notes, or about $7 and $15 dollars.
These two bills account for the vast majority of currency in India, an economy where some 98 percent of transactions are conducted in cash. Citizens were only given 50 days to exchange these bills for new notes, but with a limit on the amount they could withdraw from the bank.
How is this drastic currency change effecting India's economy? Watch today's Seeker Daily video to find out.
The New York Times: Narendra Modi Bans India's Largest Currency Bills in Bid to Cut Corruption