Wednesday, December 2, 2020

Tag: The Real Indian Currency Crisis (Things You Don’t Hear In The News)

The Real Indian Currency Crisis (Things You Don’t Hear In The News)

by Hard Assets Alliance, via Market Oracle:
Jayant Bhandari writes: On November 8, 2016, Indian Prime Minister Narendra Modi dropped a bombshell. In a televised address at 8:00 pm, he declared that after midnight—four hours later—banknotes with face values of INR500 (US$7.50) and INR1,000 (US$15) would no longer be legal tender.

These bills comprised 86{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the monetary value of currency in circulation, so to say that panic ensued would be an understatement. The market stayed open all night as people rushed to buy gold, Rolex watches, and anything else they could get their hands on to use up their cash.