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Business Daily: India Cash Queues: Cue Chaos

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18/11/2016 GMT

India Cash Queues: Cue Chaos

BBC World Service - Business Daily, India Cash Queues: Cue Chaos

Prime Minister Modi's experiment to ban 500 and 1000 rupee notes: bold or foolhardy?

India has replaced its 500 and 1000 rupee notes - the aim is to cut corruption, the outcome has been pure chaos in places. Can India transition to a less cash-dependent economy?

India today is flying by the seat of its pants - so says one economist, in response to Prime Minister Modi's bold experiment to abolish many of the country's bank notes. The idea is to cut out corruption. But the result, in some places, has been pure chaos. We have a report from the streets of Kolkata, and get the views of a former IMF chief economist, Harvard Professor Ken Rogoff, author of "The Curse of Cash". Can India transition to a more digital, less cash-dependent economy? Thoughts on this from Kosta Peric, the Gates Foundation's Deputy Director of Financial Services for the Poor.

(Picture: People queue outside a bank to exchange defunct rupee notes in Amritsar; Credit: Narinder Nanu/AFP/Getty Images)

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