[appreneur]

There will be or it's already happening

1.cash riots for lack of cash in every market.... Indias 70 % population use cash.

2.Normally 10% of ATM's don't work.. Now it's 95% of them not working.The anger is raising every minute.... It will be unsustainable if riots breakdown...please do something creative "Lets not become another riot hit country."

3.Demonitisation caused Prices of perishables to raise /it will kill the dealers. The big market yards all deal with cash.... It's nightmare to ask them to even do basic signature forget asking them to do fund transfer. It's far too tough and far too many people are being left behind because they are illiterate. Everything will skyrocket from here.

4.Realty will fall 40%. With it all support industries like Telecom and Infra industry. Only infra projects which get government payments will be sustainable. Rest in single sweep go down to no point of return.

5.The illiterate and masses are the most effected with this move. Remember 80% of Indians earn less than 2lakh. All they get is daily payments... I got at least 5autowalas and others to open bank account. When I looked at the scale of getting 50crore Indians onboard is far too much to little time of 30 days.

It's become war on the poor and illiterate instead of black money hoarders. I am sure there are better and more suitable solutions instead of this mess.

Dear Smart HN reader,Kindly suggest ways what do from here on,otherwise the poor will suffer because they are not smart enough to open bank accounts. I will publish solutions suggested here to all news agencies.

[kamaal]

Relax! its more complicated and worse than that. You can't put in 1000's and 500's into ATM's anymore. Nor can you put 2000's as dimensions of the notes have changed! What that means is you need to put in all 100's. Basically the capacity of an ATM just came down by a factor of 10x. Worse there not many 100's going around. Whatever people get is going into hoarding(due to uncertainty of the future). Now imagine moving that kind of cash across every single ATM in India. And replenishing those machines every few hours. This is a logistical nightmare at gigantic levels. Banks aren't dispensing meaningful cash either, nor do a lot of people have bank accounts. So its a double whammy.

People aren't buying non essential goods. Clothing, Electronics others etc industry is suffering by the minute. There is no money to payout lower middle class and poor people. On top of this you see secondary effects like food running out, or getting expensive. No fuel. Emergency services in peril because hospitals aren't taking cash.

They need to find solution to the crisis within Monday before the poor have a last-straw-on-the-camel's-back situation, and something ugly unfolds from there on.

[appreneur]

Precisely... It's lot lot worse

1.EMERGENCIES 2.FOOD 3.RIOTS 4.LAW ENFORCEMENT BECOMES NIGHTMARE. 5.Everybody is calm till supplies last. Locality by locality, then city by city and state by state will fall. Fall in terms of food supplies ,emergency services,transportation and then riots.

[kamaal]

Actually what scares me is India has never had this situation before so nobody has this 'Whats next' knowledge to even think rationally about the whole situation.

But by looks like it that, credit kirana shop economy is quite close to collapse.

Hope they mobilize distribution on a war footing now.

[appreneur]

I just don't think India is ready for collapse. It was thriving economy sustaining life of 70 crore Indians.

Now they created this panic n confusion n artificial scarcity. Artificial scarcity helps create black funding.

[appreneur]

*1kg tomato is going for 30paisa in market yard. Average cost is Rs.13 ...thats 99.99% loss in value. .This is killing farmers and in another 10days you will see farmer suicides because they can't get price for their produce due lack of cash. The farmers are dumping their produce and going home depressed. This is not fair by anymeans.

While cities will see skyrocketing of price because of lack of stock.

Modi has hit at the heart of Indian economy of Farmers. They just are helpless ,the panic is rising every minute and it will create chaos in matter days.