cash-depended economy: Key points People are being forced to queue for hours and banks are running out of the new currency The Government announced the overnight withdrawal and replacement of banknotes to combat corruption and tax evasion Most Indians support the idea but it has meant hardship in cash-depended economy It has been two days since India suddenly withdrew most of its money from circulation and people have been waiting outside banks for several hours, desperate to get money that grocery stores will accept, according to Australian Broadcasting Corporation. Manoj Kumar, who works in real estate, has spent the last two days lining up each day to exchange the equivalent of 40 in worthless bills for money he can use. ABC News James Bennett Related Story India abolishes larger banknotes in surgical strike against black money Related Story Indian banks call thousands of police as people rush to ditch abolished banknotes Map India This week the Indian Government announced the overnight withdrawal and replacement of 330 billion worth of banknotes, but delays in getting the new currency into India largely cash economy are creating frustration and hardship. I came here by 10 00am. We are not able to buy our daily useable things. It is 11 30am now and it will take another two hours to get inside, Mr Kumar says.
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Tagged under cash-depended economy, tax evasion topics.