Re:Why India wiped out 86% of its cash overnight
by akshayB on Monday November 14, 2016 @03:36PM
(#12953100)
This does not punish poor, they still have time to open bank accounts and swap the money. This is primarily designed to go after big businessmen who avoid paying taxes and also lot of bad activities like terrorism.
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Re:Why India wiped out 86% of its cash overnight
by pyre on Monday November 14, 2016 @03:42PM
(#12953147)
Well, all of the money that moves into the bank accounts will be taxed. Won't the hit on that tax affect the poor more than the rich? Sure the rich might take a larger hit in absolute terms or even relative to the size of the money taxed, but the poor take a larger hit in that the money being taxed may be a life's savings pool (i.e. relative to their overall wealth / net worth).