Queues People: Notes Cash

queues people: The move triggered a chronic shortage of cash with people queuing for hours outside banks across the country to get rid of their old notes, according to The Guardian. Cash for queues people paid to stand in line amid India bank note crisis Read more Cash accounts for 90% of transactions in India where millions rely heavily on notes for their daily purchases. Prime Minister Narendra Modi sparked chaos with his shock announcement last month that all 500- and 1,000-rupee notes which make up 85% of bills in circulation would cease to be legal tender. People living in rural areas and individuals without bank accounts have been particularly hard hit. There will be two point-of-sale machines provided to every village which has a population up to 10,000, and 100,000 villages will be selected for this purpose, Jaitley said at a media conference. To ease frustrations and speed up the switch to cashless spending, finance minister Arun Jaitley announced measures to promote the so-called demonetisation drive, including card-swiping machines for villages. (news.financializer.com). As reported in the news.