The common people of India are in a huge crisis. The demonetization enforced on them by their government is creating massive difficulties for every-day workers and businesses.
Some factories in Delhi have stopped producing goods to sell. Much of the work force has left Delhi for their country villages in the past month because of lack of work. If people cannot purchase products for lack of access to cash, there is no point in making them.
On November 8, India’s prime minister, Narendra Modi, announced that sudden voiding of the country’s two most-used bank notes, gutting 14 trillion rupees, or 86% of the currency in circulation. India is the world’s most cash-dependent major economy.
Almost two months later, India’s central bank, the Reserve Bank, has issued about 1.7 billion new notes, with less than one-third the value of what was removed. The sixth-largest economy in the world is running on 60% less currency. Imagine what that is doing to the average citizen.
Lines outside banks continue to stretch and India’s small business lobby says its members are facing an “apocalypse”. But Modi isn’t finished yet. He frames the demonetization as the first step in a “cashless” revolution to shift billions of transactions each day online – and into the radar of tax authorities.
The labor minister, Bandaru Dattatreya announced that it would soon be mandatory for employers to pay their staff into bank accounts, a hugely ambitious step in a country where as many as 90% of workers are paid in cash. It takes three days to clear a check. Those who live from hand-to-mouth will have grave difficulties finding food to eat.
About one-third of the population doesn’t even have bank accounts, and have difficulty creating them. The government has issued millions of bank accounts in the last two years, but still 23% of people don’t use them or have ever accessed them.
The digital economy enforced by the Modi government will increase wages (nobody pays the official minimum wage), which will make goods and services more expensive. The law might be passed, but implementing it creates great difficulties for regular Indian workers. If they can’t access their money, how will they survive?
Modi’s push for a cashless society is an excruciating example of globalist intentions to control the money flow. There is no way to freeze assets of enemies of the state if the economy is cash driven.
It is part of the larger plan to bring the whole world into a digital economy and for a long range vision that is not presently being talked about.
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:17.
VickyWednesday January 18th, 2017 at 01:57 PM
True. The ground reality is worse with many more factors. I have several carpenters working for me. I pay them by cheque but withdraw is a long questions and they need 2-3 days paid leave to withdraw it. The question are long and many times no cash. On the other hand I made a mistake by online transactions. So many transaction and I confuse one or two with more payment to whom needed to send less answer less to the one I needed to send more. Cheques are limited and new printing cheques take 7 days or more to come by snail mail. Anyways it is most certainly that we experienced and saw the no one can buy and sell fully forced by a government and no doubt a big trailor for second coming of Christ.