Rebirth of India: Superior

Facts have proved that what the banker said was not wrong. It didn’t take long for the bank to have problems one after another. First of all, there was a shortage of banks, especially a serious shortage of ATM machines. There are only 220,000 cash machines in India, and there are relatively few cash machines. In Goa, which has more ATMs, an average of 1,929 people use one; in Bihar, which has fewer ATMs, an average of 13,438 people use one. Normally, you have to queue up for deposits and withdrawals, but now it is even more difficult.

Every day, countless people line up to withdraw new banknotes, and countless chaos occurs. According to statistics, at least 47 people have lost their lives directly or indirectly due to the ban on banknotes. For example, an Indian young man queued for 8 hours a day for three days in a row waiting to change banknotes. He eventually died of anger and was found with only a few coins on his body. A woman had her life savings stolen by a thief while queuing to change money, and ultimately committed suicide; many people died of heart attacks while queuing.

It's not just people queuing who have trouble, but also bank employees. In a bank in New Delhi, a bank teller wearing a pink top who was working suddenly closed his eyes and turned to the left. She tilted and lost consciousness in an instant. The colleagues behind her were so frightened that they rushed to the bank manager for help. Two grown men tried to wake her up, but as soon as they did, the female banker slid off the chair and was rushed to the hospital.

Afterwards, it was reported that Fa Yasha said: "I have been working 16 hours for several days and only took 10 minutes of rest, but the 500-yuan banknotes at home have not been changed yet." Not only the bank clerks work overtime every day, but also those responsible for replenishing banknotes at ATMs. The staff were also working overtime, but the crowds queuing up outside to change currency showed no sign of subside.

Bank manager Satish Soni claimed that this is already a banking crisis and we must cancel other businesses and fully support currency exchange. Every day when the bank opens, a crowd of people rushes through the iron gate like a wave. Old people are pushed to the ground like this, and some people queue until they die suddenly. There are even husbands who are angry that their wives cannot receive money, and kill them in anger, and successfully The chance of currency exchange is only 30%.

He also claimed that it will take the Reserve Bank of India at least four months to print the required new banknotes; and it will take several weeks or even longer to get these banknotes into circulation. There are only 220,000 ATMs in India. In addition, the vast majority of ATMs in India are currently unable to recognize new banknotes. According to the Indian government, it will take at least 4 weeks to update the banknote recognition systems of these ATMs.

What is even more exaggerated is that a minor earthquake occurred in New Delhi in the past few days, and the reporter of the Global Times was awakened. When reporters checked the magnitude of the earthquake, they found that there were few reports of the earthquake in India's news that day - almost all Indian media reported that people lined up to change currency. "Hindustan Times" stated that the crime rate in Delhi has dropped significantly in the past 10 days because bad guys cannot steal money...

Compared with big cities, more people are worried in the countryside. Because in rural areas of India, many people are accustomed to storing large sums of cash at home, partly because there are few local banks, and partly to avoid paying taxes. The impact of the "abolition of the old currency" initiative is more obvious for them.

In a small village in Haryana, India, people swarmed in front of the bank early on the 12th, and some even brought large bundles of banknotes. Some villagers clung to the bank's door before it opened, anxiously hoping to get in early.

In fact, this financial surgery won the approval of the vast majority of people in the first few days. However, after more than ten days of queuing up to exchange money, sales from large retailers to small street stores fell by at least 30%, and at most. down 80%. For example, the sales of Indian aluminum foil manufacturer Rockdude Impex dropped by a quarter last week. The "demonetization order" broke its capital chain in less than two weeks: trucks were stopped because they had no cash to refuel; Workers stopped working because they could not be paid; the next company was unable to pay for goods due to stagnant sales.

There is a "cash panic" in vast rural areas. The process of purchasing seeds and fertilizers has just been halfway through. Now everyone has a cash shortage, so farmers cannot sow seeds according to the season. People's confidence is shrinking, anxiety has replaced hope, and patience has gradually turned into worry and anger.

In fact, it is not just the Indian people who are affected by this incident, because the Nepalese rupee has maintained a fixed exchange rate with the Indian rupee since 1993. Recently, the Reserve Bank of India has requested the Nepal Rastra Bank to provide it with specific details of the 500 and 1,000 Indian rupee denominations circulating in the Nepalese financial system.

According to Dunjana, head of the Foreign Exchange Administration of the Nepal Rastra Bank, there are about 35 million rupees of Indian currency in denominations of 500 and 1,000 in circulation in Nepal’s regular financial system.

Previously, Nepali citizens were allowed to hold Indian currency of the above two denominations worth not more than 25,000 rupees. Due to the frequent economic and cultural exchanges between the two countries, Nepalese have a relatively high ownership of these two denominations of Indian currency. Especially in areas close to the border, some Nepalis will hoard large amounts of Indian rupees to cope with the need to purchase goods from India. Under the Modi government's policy adjustment, businessmen with economic dealings with India have asked the Indian Embassy in Nepal to The embassy made representations to ensure that the scrapped currency on hand was disposed of.

In another neighboring country of India, Bangladesh, the central bank has also begun to understand the relevant situation of India's ban in order to come up with the next steps. A senior official of Bangladesh Bank said: "We have contacted different banks, including the branch of the State Bank of India in Bangladesh." Some over-the-counter markets in Bangladesh have also stopped trading in related Indian rupees.

Like Nepalese businessmen, Bangladeshi merchants engaged in trade between Bangladesh and India are also subject to some restrictions on their daily operations.

In addition, some Bangladeshi citizens who want to go to India for treatment of major diseases such as cancer have also been hit hard. Although the Indian government has ordered hospitals to continue to accept 500 and 1000 Indian rupees, private hospitals in India do not implement this policy. If patients cannot pay with 100 or less Indian rupees, they will refuse to provide medical services.

In this case, how could Singh's old rival, the BJP, miss such a good opportunity to add insult to injury? Ajay Mekhan, chairman of the Delhi region of the BJP, told the media on the 19th that at least 55 people have died in India due to currency exchange in the past ten days. Macon asked: "What is the fault of these innocent victims?" Macon urged Prime Minister Singh to "apologize unconditionally" and provide compensation to the families of the victims.