Seeds: India is known for having corruption within its political system, specifically when it comes to relying on cash to pay for bribes and avoid taxes. As well as this, terrorist organizations rely on unaccounted-for cash to stay afloat. India officials want to remedy these problems.
Core: On Tuesday evening Indian officials announced that they would scrap the 500 and 1,000 rupee notes (equivalent to about $7.50 and $15 respectively) in an attempt to rid the country of corruption by stopping the flow of counterfeit cash. 85% of the cash in circulation in India is one of these two bills. Instead, new 2,000 rupee notes (about $30) are going to be implemented.
Skin: While citizens can exchange their notes until December 30th, some are already concerned about the effects this could cause on members of the populace. Many small vendors are already no longer accepting these two types of notes and therefore families cannot pay for food, clothing, transportation, and other necessities.
Leaves: Until the notes can no longer be exchanged there will be long lines in banks and at ATMs all throughout India. As well as this, some poorer families will likely suffer from having too make banknotes that are no longer functional.
Food For Thought: Do you think this a smart way to tackle corruption? Do you think there are similar issues in other countries?
Think we missed something? Tell us in the comments.