Truck Drivers Walk Off the Job, ATMs Run Dry After India Pulls Bills From Circulation
- Sixty percent of 9.3 million trucks hit as drivers walk out
- About $7.4 billion have been disbursed, old bills exchanged
Will India's Ban on Big Bills Help Bank Earnings?
This article is for subscribers only.
The crisis sparked by the shortage of cash in India following Prime Minister Narendra Modi’s anti-graft measure to ban high-value currency bills has hit the movement of goods in Asia’s third-largest economy.
More than half of an estimated 9.3 million trucks under the All India Motor Transport Congress have been affected as drivers abandon vehicles mid-way into their trip after running out of cash, according to Naveen Gupta, secretary general of the group. India’s roads carry about 65 percent of the country’s freight.