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1. 馬鹿野狐(ばかやこ)✔ (takeshitakenji@gs.kawa-kun.com)'s status on Tuesday, 08-Nov-2016 21:33:30 UTC 馬鹿野狐(ばかやこ)✔

   • solariiknight(ஆனந்த்)
   @solariiknight You're in India, right?  What do you make of the discontinuation of some of the rupee notes today?
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   • solariiknight(ஆனந்த்) (solariiknight@social.systemreboot.net)'s status on Wednesday, 09-Nov-2016 11:30:48 UTC solariiknight(ஆனந்த்)

     in reply to
     Yeah. Government banned the existing ₹500 and ₹1000 notes. The stated purpose is to tackle counterfeit money and black money as people hoard undeclared income in high valued currency notes. The impact won't be much because only some some people like small traders, small businesses hold black money as cash. Rest of the people have parked their black money in the real estate sector (which is a big growing bubble) or in tax havens. Also government is issuing new ₹500 and ₹2000 rupee notes, which will make hoarding black money easier in future. So this exercise is only like cleaning a small part of the house once.
     
     But this action is ham handed and has resulted in suffering of millions of poor people who don't have credit/debit cards or even a bank account and who are paid in ₹500 or ₹1000 notes by their employers. Many small grocery vendors are not able to conduct business as many people don't have legal tender now. For one week they are going to suffer a lot.
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   • solariiknight(ஆனந்த்) (solariiknight@social.systemreboot.net)'s status on Wednesday, 09-Nov-2016 11:32:50 UTC solariiknight(ஆனந்த்)

     in reply to

     • solariiknight(ஆனந்த்)
     This is a stupid ham handed exercise by the present right wing government aimed to satisfy their voter base in some upcoming state elections. I hope it backfires on them big time.
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   • solariiknight(ஆனந்த்) (solariiknight@social.systemreboot.net)'s status on Wednesday, 09-Nov-2016 11:33:51 UTC solariiknight(ஆனந்த்)

     in reply to

     • solariiknight(ஆனந்த்)
     I've read many reports in twitter about people who could not even buy food because they had their savings in ₹500 or ₹1000 notes and were caught unaware by the sudden announcement.
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