India’s Currency Ban Under Fire One Year Later
It's been a year since India's government banned the use of high-value paper money. That decision is being heavily criticized by some individuals and groups.
Prime Minister Narendra Modi – who ordered the action in November 2016 – has repeatedly defended his decision. The move removed India's 500 and 1,000 rupee notes from use.
Modi has said the ban was necessary to fight corruption and target "black money." Black money is a term used to describe undeclared wealth that is not taxed. He said the move was also intended to get rid of fake currency and reduce terror financing.
The ban affected about 86 percent of the country's currency. It led to huge cash shortages for nearly two months. Millions of people stood in long bank lines to get cash for their daily needs.
About 75 percent of India's workforce depends on the country's cash economy for employment.
Some critics say the ban greatly harmed India's economy at a time when it was experiencing healthy growth. Former Prime Minister Manmohan Singh has called the move "reckless."
Singh recently spoke out against the ban again, saying that "nowhere in the world has any democracy undertaken such a coercive move." He said the measure was hurting small and medium businesses across the country.
The Centre for Monitoring Indian Economy is a Mumbai-based think tank. It estimated that about 1.5 million jobs were lost in the first four months of 2017 following the currency ban.
But government officials recently declared the year-old policy a success and celebrated the anniversary as "anti-black money day."
Finance Minister Arun Jaitley said on Facebook the country's dependence on cash had fallen by nearly 3.89 trillion rupees. He also said the cash to Gross Domestic Product, or GDP, rate dropped from 12 to 9 percent over the past year.
The finance ministry said the policy led to about 5.6 million new taxpayers being added. And the Reserve Bank of India said new data showed that digital money transactions tripled.
But the opposition Congress party held demonstrations in major cities to protest what they believe is a failed policy. "It has ruined the lives of millions of hard-working Indians," the party's Vice President Rahul Gandhi said on Twitter.
The policy also affects people in neighboring Nepal. There, thousands of migrant workers held old currency notes that could not be exchanged before the date to do so passed.
Nepalese officials are currently seeking help from India to provide a way to exchange the nearly 55 million in Indian currency notes held by its citizens.
I'm Bryan Lynn.
1.paper money 纸币
Are you familiar with foreign paper money?
2.led to 导致
Frustration, anger and desperation have led to a series of wildcat strikes.
3.black money 黑钱；非法收入
Some reckon firms are over-invoicing for exports to ship black money back into the country.
4.spoke out 大声说出
John finally stood up and spoke out.
5.He said the move was also intended to get rid of fake currency and reduce terror financing.
get rid of 摆脱；消除
I began to have a sinking feeling that I was not going to get rid of her.
You seem in rather a hurry to get rid of me.
6.Some critics say the ban greatly harmed India's economy at a time when it was experiencing healthy growth.
at a time 有时；每次；一次
Can I borrow two books at a time?
He was able to spend only a few days at a time on the island
印度政府禁止使用大额纸币已有一年 。该决定遭到一些个人和团体的强烈指责 。
2016年11月，印度总理纳伦德拉·莫迪（Narendra Modi）下达货币禁令并多番为此进行辩护 。该禁令取消了印度500和1000卢比纸币的使用 。
莫迪称，该禁令是为了打击腐败以及针对“黑钱” 。“黑钱”一词专门用来形容未申报的收入 。他还说，该禁令也有利于消除假币，减少恐怖融资 。
该禁令影响了印度约86%的货币，导致两月内出现巨大的纸币缺口 。数百万人在银行外排队取款以供日常开销 。
一些评论家指责称，该禁令严重损害了处于健康发展期的印度经济 。印度前总理辛格指出，这场行动“不顾后果” 。
近期，辛格再一次公开反对该禁令，“世界上没有任何一个民主国家会采取这种强制措施 。”他说，该一措施正在损害印度中小型企业的发展 。
印度经济监测中心一家总部位于孟买的智库 。该机构预计，2017年头四个月，约150万人因货币禁令失业 。
印度财政部长亚伦·贾特里（Arun Jaitley）在脸书发文称，印度对现金的依赖下降了近3.89万亿卢比 。他还指出，去年印度国内生产总值（GDP）的增长率也从12%降至9% 。
财政部长表示，约560万人因该政策开始纳税 。印度储备银行称，新数据显示数字货币交易增加了三倍 。
不过，印度国大党反对派在各大城市举行游行，抗议这一失败的政策 。“这项政策毁掉了数百万辛苦工作的印度人的生活 。”国大党副主席拉乌尔在推特上说道 。
该政策还影响了邻国尼泊尔 。尼泊尔有上万移民持有旧纸币却无法进行兑换 。