India’s main opposition congress party led protests against the federal government’s shock demonetization of 500 and 1,000 rupee bank notes in parliament premises. Congress was joined by other opposition parties in the protest. Opposition leaders, including Congress Vice-President Rahul Gandhi raised slogans against the government. Several thousand people demonstrated in a number of other cities against the government’s decision. Indian Prime Minister Narendra Modi dropped a bombshell on November 8 by abolishing 500 and 1,000 rupee notes that accounted for 86 per cent of cash in circulation. The move was aimed at cracking down on the shadow economy but has brought India’s cash economy to a virtual standstill.

LEAVE A REPLY