Earlier this month India’s Prime Minister: Narendra Modi made the decision to pull 86 percent of the currency from circulation over night. This immediately triggered a shortage of cash for the Indian citizens. With an event like this happening overnight it is bound to cause some unrest throughout India. And it has caused just that, with this event happening almost a month ago, protests are still taking place. 25,000 people are taking to the streets with anger and rage. Riots could soon arise.
Some people agree with what the Prime Minister has done because they believe it will cause the rich to now pay their taxes because they will now have to put all of their money into the bank, which will leave no room for undeclared income. However, this is causing much trouble for small business owners and not even so small businesses such as grocery stores, especially since 90 percent of transactions in India are conducted with cash. This will hurt businesses because many are only used to conducting transactions solely with cash and they are not current with the updated ways of conducting business. All of these businesses will either have to learn the technology behind payment online and through smart phones or go out of business. This should be the businesses choice and not be forced upon them because of the Prime Ministers rash actions. This also affects the common man because he/she will also have to find other ways to pay other than with just cash to these businesses.
This also affects the common man because he/she will also have to find other ways to pay for their goods and services.
Although many view technology as the easier way of conducting money transactions, this should not be forced on anyone. Businesses and individuals that want to pay with just cash should have the right to do just that. Their whole economy is being changed over night and it is just not fair. If this action is necessary it needs to happen in a peaceful transition and not all at once.