At midnight on November 8, 2016, Mr. Narendra Modi, the Prime Minister (PM) of India, declared in a broadcast to the nation that the two highest currency notes—Rs. 500 and Rs. 1000—would immediately cease to be legal tender. This move was considered a very drastic and bold step, especially since nearly 86% of all the currency by value in India was in the form of either Rs. 500 or Rs. 1000 notes.
The 2000 Millennium Development Goals established by the United Nations provided a universally agreed upon set of objectives for all its member nations to follow. The first Goal that was identified was the elimination of poverty. Eradication of poverty subsequently became the focus of many initiatives by many organizations and governments around the world. To address some of the problems related to poverty, Mohamed Yunus started a financing scheme that would later develop into microfinance.
Arguably, the evolution of civilization has been marked by the emergence and advancement of systems of economic support designed for its members. Whether by preserving food in anticipation of harsher weather or constructing strong networks of kith and kin to rely on in times of need, the intent of safeguarding against uncertainty has been… Read more »