This week we’re talking hard money. As the news hits of India’s Prime Minister Narendra Modi’s decision to remove 85% of bank notes from circulation the people of India have just 50 days to exchange their current notes for new ‘legal tender’.
There are reports of “millions of Indians waiting in long queues to recover their own money from banks, post offices and ATMs.” We are hearing that the government is not acknowledging the hardship to the poor who cannot afford to stay away from their daily wage work even for a day.
That is if they have a bank account, which millions of citizens in India do not have. Even if they have a bank account, India is a country where, of the two hundred thousand ATMs, less than 10% are in rural areas, where 70% of the people live.
Fair Trade Alliance Kerala, a co-operative that owns a share of Liberation Foods and produces our cashew nuts reports that they, along with all their local communities are struggling to manage this unprecedented situation. We are staying in even closer contact than usual with them to make sure that farmer and factory worker communities are at least able to buy food and other basics whilst this situation is resolved.
In the mean-time we ask you please to keep buying Liberation, Sainsbury and Tesco Fairtrade cashew nuts. That way so the farmers and workers can continue to receive income ready for when the government can get the cash flowing again.
Read more here: thewire.in/79878/governments-demonetisation-shock-hit-poorest