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Surprise! India has some troubles as 86% of its paper money is withdrawn
Truck Drivers Walk Off the Job, ATMs Run Dry After India Pulls Bills From Circulation
By Debjit Chakraborty and Saket Sundria
Bloomberg News
Monday, November 14, 2016
The crisis sparked by the shortage of cash in India following Prime Minister Narendra Modi's anti-graft measure to ban high-value currency bills has hit the movement of goods in Asia's third-largest economy.
More than half of an estimated 9.3 million trucks under the All-India Motor Transport Congress have been affected as drivers abandon vehicles mid-ay into their trip after running out of cash, according to Naveen Gupta, secretary general of the group. India's roads carry about 65 percent of the country's freight.
That adds to the worries of a government battling to keep cash-dispensing machines running after efforts to ease withdrawals failed to keep pace for the fifth straight day.
After a teary-eyed emotional appeal to citizens to bear some pain and back the fight against corruption, Modi today defended his move to withdraw 500-rupee and 1,000-rupee notes, which accounted for 86 percent of money in circulation.
"The situation is still grim and now we are getting information from various parts that drivers have started abandoning vehicles," said Gupta of AIMTC, the country's largest association of truckers. "Their basic needs like food are not being met because they can't use the cash to buy food and there is not enough cash with them anyway." ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2016-11-14/cash-shortage-hits-goo...
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