Thursday, December 22, 2016

India's Rupee Change is Making Millions Destitute (Steve Forbes)

[PADA: Its amazing that a country that already has so many problems with banking transactions, bad cell phone service, 86 percent of the economy running on cash, no banks in a number of villages, millions and millions of people without any basic cell phone to make ANY wired-payments, probably millions of beggars who rely on cash or else they starve to death, the majority of women having no bank accounts at all etc. ... would all of a sudden think their country is ready to go "cash less" and everyone is going to use their cell phones for making banking by wi-fi transactions. 

Even the USA could not pull that off, because there are too many parts of the USA economy that rely on soley on cash. India is certainly not ahead of the West with their levels of technology. Not only that, India did not print enough new bills. Ooops, and the new bills do not even fit in the existing ATM machines, that is -- if you can find an ATM machine in many places, and if you can find one that actually works. This was clearly not thought out very well. 

We have read some reports of many business shutting down because there is no cash to pay the workers or suppliers, beggars dying from starvation, beggar's children dying from starvation -- because their mothers could not get cash to feed the children -- and so on and so forth. The upshot is that more and more and more and more people seem to have no means of buying food, and they will suffer and die, at least until when (or if) this is all sorted out. 

All this suffering for millions of people -- to allegedly stop a few crooks, who will simply devise new means of crooked behavior. Its not going to stop the crooked from cheating, they will simply find new means to do that. This is why Srila Prabhupada said -- the more that India tries to get into industrial and technological life, the more of a mess there will be there. Right! Thank God Akshaya Patra is at least going to feed a number of children while all this mess is going on. ys pd]     

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