The current Prime Minister of India, Narendra Modi, has a history of racism and can be described as a neo-fascist. A more pleasant label is Hindu nationalist but that essentially means the same. It now turns out that Modis extremism in not confined to the nationalist bend but includes some crazy economic ideas. Modi decided to demonetize the country from one day to another. Every bank note valued at over US$7 was taken out of circulation. The rather crazy idea behind this is to move all monetary transactions to some electronic money systems and to then tax each and every transaction. All other kind of taxes would be abolished.
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