This, it's my paranoia, fearing left behinds in Modi's prosperity ambitions. Such as the ATM guard who now protects a machine where the only note is several days of his pay. For the rich tourist the new Rs2000 bank note is also a bit of a pain, when your expenses are in the range Rs10 to Rs700, and change is not easily available. The game of change conservation begins afresh!
Actually this is something of an understatement, nobody who can avoid it wants to touch a Rs2000 note. It's a giant white elephant but it's all that is left in the ATMs. When the average Indian might be living on Rs400 per day what use is 5 days money in a note. The median income is far lower due to the high proportion of agricultural workers, below Rs200 per day. Imagine trying to spend a £250 note!
The same people were gently encouraged to deposit any money in a bank by the immediate cancellation of the old high value notes. Let's hope the pain is worth it.
An Indian couple in the street approach me and ask for change for a Rs2000 note. They look like tourists. The man stands looking slightly lost, rolling the note in his fingers. This is not how you hold money, it really is toxic.
Actually this is something of an understatement, nobody who can avoid it wants to touch a Rs2000 note. It's a giant white elephant but it's all that is left in the ATMs. When the average Indian might be living on Rs400 per day what use is 5 days money in a note. The median income is far lower due to the high proportion of agricultural workers, below Rs200 per day. Imagine trying to spend a £250 note!
The same people were gently encouraged to deposit any money in a bank by the immediate cancellation of the old high value notes. Let's hope the pain is worth it.
An Indian couple in the street approach me and ask for change for a Rs2000 note. They look like tourists. The man stands looking slightly lost, rolling the note in his fingers. This is not how you hold money, it really is toxic.
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