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India’s government collects a tiny fraction of the taxes that advanced democracies do.The government recently released data that showed that in 2013, merely 1 percent of Indians paid taxes.
“A lot of marriages are being postponed, and those that are managing are doing so by borrowing from relatives and friends,” says Niranjan Sahoo, a senior fellow with the Observer Research Foundation, a think tank in New Delhi.Banning widely used banknotes would have a huge impact on any economy, but in India the policy is transformative.Modi’s sudden ban instantly meant that 86 percent of all the cash in circulation in India was no longer considered legal tender, which means that businesses could refuse to accept those bills as a form of payment.And the Indian economy simply runs on cash: It’s estimated that between 90 and 98 percent of all transactions in India, measured in terms of volume, involve it.Unsurprisingly, Modi’s demonetization initiative has caused chaos across the country.And even with these regulations, reports of banks running out of cash abound.
“Every day — and today is the 20th day — you can see there are long queues for ATM machines and banks,” Sahoo says.
It will be hard for people with large cash holdings from purely criminal enterprises to explain how they paid their taxes, and so they won’t be able deposit their money.
And the government expects to be able to use the ban as an opportunity to round up counterfeit currency minted by terrorist operations.
For people who rely on daily cash earnings to survive, it can mean not being able to obtain food.
The temporary shortage of banknotes is having other far-reaching effects.
Tens of thousands of people have taken to the streets of cities throughout India to protest an economic policy you probably haven’t heard of before: demonetization.