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India: the Cashless Fail





Another Modi initiative commenced just before he left on a state visit to Japan in 2016. He delivered a speech (Nov. 8, 2016) announcing the abrupt withdrawal of 500 and 1000 rupee notes to be replaced by newly designed 500 and 2000 rupee denominations. This would attack corruption and ferret out illegal cash holdings, he claimed. The move removed 86% of cash in the economy almost overnight and naturally caused a liquidity crisis.

By the time Mr. Modi returned from Japan, the country was in chaos. In a mostly cash economy, people lined up at banks to withdraw cash and presumably deposit any of the old notes in their possession. Economic activity was disrupted, shops shuttered for lack of customers, weddings were canceled, and Indians were angry.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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