Well who could have seen this coming? Just as we noted, the slippery slope towards full government control in a cash-less society is where Indian PM Modi is heading following his chaos-creating demonetization efforts of the last two weeks. While massive opposition protests are planned tomorrow, Modi remains indignant, as Reuters reports, “we can gradually move from a less-cash society to a cashless society…this is the chance for you to enter the digital world.”
Indian Prime Minister Narendra Modi on Sunday urged the nation’s small traders and daily wage earners to embrace digital payment channels, as a cash crunch following the government’s surprise ban on high-value bank notes drags on. Continue reading »
The search query “how to convert black money into white money?” is trending on Indian Google after Prime Minister Narendra Modi withdrew 500 and 1,000 (about $15) rupee notes, turning 86 percent of cash in the country to paper.
According to Bloomberg, the most searches came from Modi’s home state of Gujarat, known for its small traders, jewelers and other small businesses.
The government decided to get rid of the notes because of tax evasion and corruption in India. The term ‘black money’ is used to describe cash stashed to avoid paying taxes.
H/t reader quodgy:
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– India Scraps Major Arms Purchase with France, Inks Major Deal with Russia (Russia Insider, April 15, 2015):
India’s Congress Party has canceled most of its order of 126 French Rafales and opted for a large order of Russian Sukhois
India has essentially annulled it gigantic arms contract with France for the purchase and combined construction of 126 Rafale fighter planes; the Indian Prime Minister agreed to buy only
36 of them during his visit to Paris last week, a responsible government source stated. Instead, India will buy 127 fifth generation Russian fighter jets.
Wonderful day with President Putin. Our meeting was comprehensive. India’s partnership with Russia is incomparable. pic.twitter.com/YZJiREw5oN
— Narendra Modi (@narendramodi) 11. Dezember 2014
– Obama Takes on Critics as He Expands on Foreign Policy (Bloomberg):
He also criticized detractors who have called for more action in Ukraine, pointing to his ability to solidify international unity and saying Russia “has never been more isolated.”