The world’s fastest growing economy has woken up to a countrywide bank shutdown

The world’s fastest growing economy has woken up to a countrywide bank shutdown, by Rishi Iyengar.

Banks and ATMs all over India were closed on Wednesday, following Prime Minister Narendra Modi’s shock decision a day earlier to withdraw 500 and 1,000 rupee notes [about US$7 and US$14] — the country’s two largest denominations — from circulation at midnight.

Indians use cash for most transactions, and the measures were making it hard for them to conduct business or purchase everyday items.

The currency move is an attempt to combat corruption and recover “black money,” billions in illegal funds often stashed overseas by tax evaders.

There is a globalist agenda to ban the use of cash and gold. They want everyone’s money stored in the banking system, where, ultimately, they can control it — and impose negative interests, for instance. More:

Only 2% of Indians pay any income tax at all because most people work in the economy’s informal sector that includes jobs such as construction laborers and road side food sellers.

Modi also touted the move as an anti-terrorism measure, saying that “enemies across the border have run their operations using fake currency notes,” a reference to neighboring Pakistan.

“The 500 and 1,000 rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper,” he said.

Obviously government control over individuals in India is growing, as it becomes more “westernized.”