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[–] ratsmack 0 points 2 points (+2|-0) ago  (edited ago)

I can see this not ending well at all. If 90% of all transactions were currently made with paper money, and then they pull a large portion of those bills from circulation.... what the hell were they expecting.

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[–] Broc_Lia [S] 0 points 2 points (+2|-0) ago 

An economic miracle probably.

I mean... were they expecting all these farmers to go out and buy credit card machines?

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[–] daskapitalist 0 points 1 point (+1|-0) ago 

I have had people make that EXACT argument that of course they'll just go buy POS systems and get credit cards and bank accounts.

And it's a retarded "no grasp of Indian economics" argument. Sandeep with a second grade education, no ID, and living in a slum isnt going to do that. There's no infrastructure to do it.

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[–] bikergang_accountant ago 

This is an example of trying to squeeze out a competitor. What they were hoping for (they as in retailers) is that all business would have to go to them or people with cc processing capability. The people be damned.