From deploying "cash coolies" to buying Rolex watches, Indians have found unique ways to dodge the government's surprise move to withdraw high value bills in a bid to tackle widespread corruption and tax evasion.
India announced new measures Thursday to allow farmers and marrying couples to withdraw more money from banks, as frustration mounted over a cash crisis triggered by the withdrawal of all high-value notes.
Indians stand in line at a bank to exchange or deposit discontinued currency notes in New Delhi, Tuesday, Nov. 15. Chaotic scenes played out across India with long lines growing even longer and scuffles breaking out, as millions of anxious people tried to change old currency notes that became worthless days earlier when the government demonetized high-value bills.
Indian Prime Minister Narendra Modi on Monday urged Indians to give him more time to resolve a cash crisis that followed the withdrawal of high-value notes, insisting the shock move would benefit the poor in the long run.
India's cash machines will take several weeks to reset with new bills, India's finance minister said Saturday, as public anger mounted over a decision to pull the highest denomination notes from circulation.
Delivering one of India's biggest-ever economic upsets, Prime Minister Narendra Modi this week declared the bulk of 500 and 1,000 rupee notes no longer held any value and told anyone holding those bills to take them to banks.
Indian farmer dries maize on a highway side road in Thoopran Mandal in Medak District, some 60 kilometers from Hyderabad on Thursday, Nov. 10. Agriculture plays a vital role in India's economy. Over 58 percent of the rural households depend on agriculture as their principal means of livelihood.
India's government tried to quell the panic Wednesday caused by a bombshell decision to withdraw 500 and 1,000 rupee notes from circulation after cash machines ran dry and shares slid.
Prime Minister Theresa May said Britain would become the ultimate free trade champion as she laid the groundwork Monday for a potential post-Brexit deal with India, the world's fastest growing major economy.
Indians have declared almost US$10 billion in hidden wealth under a government amnesty on tax evasion, as part of Prime Minister Narendra Modi's moves to crack down on huge piles of black money.