This segment originally aired Nov. 16, 2016 on VICE News Tonight on HBO.
India is in the grip of a cash crisis following the government’s shocking decision to replace high-denomination banknotes last week. The move, designed to flush out counterfeit currency and hidden cash, was announced on Nov. 8. Since then, widespread confusion has gripped the country, as people queue for hours at banks, post offices and ATMs to exchange, withdraw and deposit cash.
Read the full article here –
Read “India discontinued 86 percent of its circulated currency – and the poor are in crisis” –
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Modi destroy the indian economy tottly
Demonetisation was the biggest failure ever witnessed. It was so bad that even the RBI opposed. The government themselves kept changing the reason, saying that it was anti-corruption and then saying it was to widen the tax base. It is one of Modi's many failures. BJP trolls calling me anti-national can leave
that is fucked up
Incoming senseless denying street shitters calling every possible news channel biased towards a shit hole called india
It was the blunder by the government. It destroyed our economy for at least 20 years.
Slavlandia begins. To end''''''hey boy come here can you clean my entire house for .50 cents I'm ashamed for the entire India culture
This is one sided.. the same people have voted modi again..So, VICE STFU
Thats what you get for voting for modi. Lmaoo enjoy
WORST Mistake We choose As MODI As PM
Ex Modi Bhakt 2017
This is what happens when you brainwash a powerful politician.
Such change is necessary but modi government should have consulted with RBI and national Treasury to assess the situation and avoiding kios.
Demonetisation: Perfect example of over patriotic people who were fooled by the PM
More like strengthen the hands of the global elite that are out to control the common man. Fake currency? Thats nothing new, you can use a mark to authenticate the notes. Problem seems to be with corrupt authority.
You mean "only 1% of Indians paid any income taxes".
All Indians pay tax in the form of sales tax or GST which are part of the cost of the product. There are also many other types of taxes related to property, entertainment, etc.
The 1% figure is only true for the income tax section.
Good thing nobody watch these videos.
They do not make good videos about india at all.
Quick poll
was demonetization good move ?
just comment yes or no
1:37 she is modi's mother
there ws crises but the black money holders fcek money printers were on streets. Even made sure that his mother that narendra modi's mother went and stood in the queue and got the conversion done. every indian suffered in the long run it will definitely give fuit. tht the motive in the end.
Shitfest against India in the comment section. Funny really. A lot untrue in the comments, and some true. But like my idiot fellow Indians are saying, this video is not wrong. It is far more than necessary to highlight the problems this move caused, even though a few months down the line the nominal GDP has gone up from 1.9 trillion to 2.264 trillion after this, it caused a lot of trouble for the smaller businesses, the rural folk and more importantly, the counterfeiters and black (as in, undocumented) money holders. Necessary move, but some unnecessary complications and quite the haphazard way to handle the aftermath.
Vice don't show India bad side with its best side also
they only show the bad side
i knew it. Americans with there high school knowledge would have trouble understanding tax system and they would pass stupid and racist comments on indian's bc that's what a low life americans can do, so here we go every country has two type of tax system (1) Direct tax and (2) Indirect tax. so what vice claiming to be only 1% population pays is direct tax & that claim is also wrong and i would prove it later in my cmt ,lets first talk about indirect tax. their are tons of indirect taxes like vat on buying of goods ,everyone buy goods and commodities and not only 1%people buys it and we have service tax,central sales tax and excise duty and custom duty and lots more and indirect taxes portion of total tax portion is more than 65% and now we are talking about Direct tax.we have population of 120 cr & salary class population is more than 15cr & their taxes automatically get deduct from salary and we have business class population of 25cr, they too pay taxes and sometimes they doesn't have to bc they form AOI ,Patrnership firm & HuF etc which are also legal person in income tax and we have corporate tax & tons of taxes also and what is vice claiming that only 1% pay taxes is totally wrong bc 1% of 120 cr is only 1.2 cr.
And now they are looking to BitCoin as a store of value. Good idea, I think.
good move but bad management
I've always loved watching Vice but not more than Modi ji. We love him the most in India.
Modi is a stupid tea seller PM..
Discourse pollution Ms mask come yesterday museum overall.
India is a shit country.
I have no money
First of all I would like to advice Vice news that they show the other side that about 30% of black money was in our economy and people had stashed millions of cash unaccounted in their homes and offices now all of it has turned into garbage. Plus Prime minister is promoting and endorsing to use cashless transaction.
"Jayati Ghosh is a development economist who is known for her leftist views.' As per Wikipedia… what kind of economics do we expect from her…
Showing how bad is the move and how much chaos it has created would only help you sell it.. i am sure.. cos it's got some important and good effects.. which i am sure you are going to cover in the full segment. this is something that had to happen some day bcos we had fucked up for so long without we paying taxes and following rules.. it's got to be implemented properly at the end to bear the fruit. and followed with laws that prevent further stocking of cash and other black money sources be choked and brought back.. only then it would be better..
Why the hell did they think this was a good idea? Replacing most of your notes in a month is a moronic disaster of a policy.
Why can't governments and leaders these days think about the consequences before they stupid shit like this?
The inhuman treatment of citizens is out of control! World wide we need a Revolution
No no, Vice is anti India presstitute, ZEE NEWS, ABP NEWS and Times Now are the most neutral channels to ever exist on this planet. Bolo Har Har ??
Modi is a sadist.
perfect example of what happens when people don't have to pay taxes — "small government" doesn't work
every Indian saying they don't mind it and vice is spreading "propaganda" have access to YouTube & probably a bank too .not everyone lives in a city where scores of banks and ATMs . smh
Seems any kind of idiot can make it up to the president or prime minister theese days.
it's not as bad as you guys make it seem ….yes things are tough but we as a nation are united for the greater good !