Anger intensifies over India's demonetisation move

  |   World News

Anger has intensified in India as banks struggle to dispense cash following the government's snap decision to withdraw large denomination notes in what it said was an attempt to uncover billions of dollars in undeclared wealth.

Tempers frayed on Saturday as hundreds of thousands of people queued for hours outside banks for a third day to swap 500 and 1,000 rupee bank notes after they were abolished earlier in the week to curb "black money" and to tackle counterfeit currency.

"It's absurdity on the part of the government to have announced the demonetisation overnight, as 85 percent of currency is held in 500 and 1,000 rupee denominations," Prabhat Patnaik, an economist and professor emeritus at Jawaharlal Nehru University, said.

To read full article - https://goo.gl/Ci9v5a