Norbert Haering, an economic journalist and author, discusses how India’s sudden abolition of large-denominated bills, amounting to 80% of all cash in circulation, has created great hardship in a country where half the population doesn’t have a bank account and earns a living in the cash-based informal economy. Haering names the US-based NGOs, banks, and credit card companies that stand to profit handsomely from the forced transition to electronic payments.
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