After Forbes Magazine, Wall Street Journal slammed Prime Minister Narendra Modi's demonetisation drive banning 86% of the currency in circulation.
In its editorial, Wall Street Journal described Modi's note ban as India's bizarre war on cash. It termed the sudden rush of Union Government to achieve a cashless society as blunder.
Wall Street Journal opined there is greater means to harm the public in a cashless society with anti-people policies and misuse of power. It added, '95% transactions in India are cash-based. Government has spoiled the business operations by scrapping currency overnight. Levying too much taxes and restrictions is why many people in India avoid filing IT returns. 80% transactions in Germany are cash-based. In America, Cash Transactions are up to 32%'.
In its editorial, Wall Street Journal described Modi's note ban as India's bizarre war on cash. It termed the sudden rush of Union Government to achieve a cashless society as blunder.
Wall Street Journal opined there is greater means to harm the public in a cashless society with anti-people policies and misuse of power. It added, '95% transactions in India are cash-based. Government has spoiled the business operations by scrapping currency overnight. Levying too much taxes and restrictions is why many people in India avoid filing IT returns. 80% transactions in Germany are cash-based. In America, Cash Transactions are up to 32%'.