India’s Cash-Canceling Experiment – Bloomberg

On Highway 24 between New Delhi and the town of Dadri, gas stations are empty and trucks stranded. Drivers spend their days playing cards, unable to operate their vehicles because transport company owners can’t get the cash to buy fuel or pay the drivers their 100-rupee daily food allowance. “There’s no work,” says Sundar Singh, a 38-year-old truck driver from Aligarh, a city about 90 miles southeast of Delhi. “I can’t even charge my cell phone,” he says, because he doesn’t have any change. To ease some of the pain, the Finance Ministry on Nov. 21 said farmers could use old 500-rupee notes to buy seeds for winter-sown crops from state-owned stores.

Source: India’s Cash-Canceling Experiment – Bloomberg

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