In India, the exchange of money provoked a crisis. The Prime Minister asks the people to “give 50 days”
In India the government announced a sudden large exchange of money, triggered huge queues in banking institutions. Prime Minister Narendra modi trying to convince people to give him 50 days to fight corruption, which has resulted only in huge queues for the Bank branches.
On Thursday evening, modi announced that in a country with a population of 1.3 billion people to stop the circulation of the larger notes with denominations of 500 and 1000 rupees (equivalent to 7.5 and 15 dollars). He explained that the fight against counterfeiters and corrupt. After this statement, all banks and ATMs of India were closed for the day.
Since most ATMs are not working. And the banks are huge queues, people trying to get rid of banknotes of old sample. While the new banknotes exchanged not more than 4 thousand rupees per day. You can put funds into the account, defended the huge queue, the authorities capture anyone trying to Deposit the sum over 250 thousand rupees.
The Central Bank says that banks have enough small bills for your daily needs. However, Reuters reports that sometimes banks give the iron a trifle, because paper money is over.
According to TASS, the exchange of money has also created problems for many foreign tourists – their bills, many banks often refuse to exchange.
On Sunday, modi made an emotional speech to supporters near the city of Panaji. The speech was broadcast on national television. He asked the nation to give him 50 days to complete the fight with their newly gained money dishonestly: “I know what forces I have touched, I know it’s for the people who are against me, I take what they amassed 70 years… They’d never let me live in peace, they will destroy me. Let them do what they want. I will help 50 days, the country needs to give me 50 days.”
He also stressed that monetary reform is not the last step in the fight against corruption, the government is developing other measures: “I openly say, that’s not the point. I’m considering other projects to stop the dishonesty and corruption in the country.” “I do it for the poor, honest people, for those who are working hard to survive,” added modi.