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Nov 16, 2016

India’s currency chaos is stalling cash transactions

The Indian government recently decided to get rid of a couple widely circulated bills, which has caused delays and confusion for millions of people and businesses.

by Kai Ryssdal
Indians queue up outside the Bank of India branch to deposit and exchange 500 and 1000 currency notes in Mumbai on November 10, 2016. Long queues formed outside banks in India as they reopened for the first time since the government's shock decision to withdraw the two largest denomination notes from circulation.   
Indians queue up outside the Bank of India branch to deposit and exchange 500 and 1000 currency notes in Mumbai on November 10, 2016. Long queues formed outside banks in India as they reopened for the first time since the government's shock decision to withdraw the two largest denomination notes from circulation.   
PUNIT PARANJPE/AFP/Getty Images

Last week, the Indian government decided to get rid of two widely circulated bills, the 500 and 1,000 rupee notes. Prime Minister Narendra Modi moved to get rid of the bills as a way to crack down on the country’s hidden economy. The switch to different notes, however, has set the country in great confusion and disarray as people and businesses rush to the ATMs and banks to change out their bills. 

Host Kai Ryssdal talked with Rahul Tandon of the BBC about India’s currency confusion.

Click the audio player above to hear the full interview.

 

 

 

 

 

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India’s currency chaos is stalling cash transactions