Goldman Sachs, a multi-billion dollar international investment banking and financial management firm, recently stated that India is returning to barter system due to a severe shortage of cash.
Weeks after the initial announcement made by Indian Prime Minister Narendra Modi to demonetize 500 and 1,000 banknotes, the financial state of the country seemed to improve. Livemint revealed that 95% of the country’s ATMs were calibrated to support the newly released banknotes provided by the central bank of India.
However, there still is one important issue; the central bank failed to print money using the same dimensions as the previous banknotes. Therefore, without changing or overhauling the entire machine infrastructure, the majority of the country’s ATMs will not be able to dispense cash for the foreseeable future.
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