India's Cash Crisis: VICE News Tonight on HBO (Full Segment)



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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41 comments

  1. 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

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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..

  9. 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

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