18 November 2016

The effects of India's currency reform? "Chaos" say analysts

In this Nov. 17, 2016 file photo, Indians stand in a queue to deposit and exchange discontinued currency notes outside a bank on the outskirts of Allahabad, India. The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil.
The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil.
That's just the immediate fallout from Prime Minister Narendra Modi's surprise effort to stamp out corruption by making cash hoards in large denomination bills worthless. But what lies ahead could be even worse, some analysts say.