Amid reports of the rising presence of bitcoins and other forms of virtual currencies (VCs) in India, Union Finance Minister Arun Jaitley on Tuesday reiterated that the former are not accepted as a lawful and legal tender in India.

&quot;Since December 24, 2013, the government and the Reserve Bank of India (RBI) have maintained the same stand on bitcoins and other forms of virtual currencies. Through multiple notifications, the two parties have notified the public time and again that bitcoins will not be considered lawful or legal tender in India,&quot; Jaitley said while responding to a question raised in the Rajya Sabha earlier today.

Further, Jaitley stated that an expert group was commissioned to look into the matter, adding that a report will be filed by them on the matter.

&quot;The government does not want to take any substantial steps before the report is filed. We will look into the report and then issue corrective measures after a thorough understanding of the situation. We will also take the global scenario into consideration. However, we have clearly stated that dealing with VCs is at one&#39;s own risk,&quot; he said.

When asked on measures taken to protect citizens from the dangers involved in cryptocurrencies and availability of data on the same, Jaitley noted that 11 exchanges have been identified in India, and reiterated that experts groups are looking into the same.

&quot;Bitcoins are not restricted to India; it is a problem world over. There are 785 VCs in operation worldwide presently. Cryptocurrency lacks dependence and function with anonymity within a virtual community. All operations are online. We have identified 11 exchanges dealing with VCs in India. We are awaiting the official report from experts,&quot; said Jaitley.

On a related note, the Ministry of Finance on Friday issued a statement cautioning investors regarding risks of dealing with cryptocurrencies.

Linking them to &#39;Ponzi schemes&#39;, the ministry argued that unlike others, virtual currencies have no intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely based on speculation, which results in spurt and volatility in their prices.

Prior to this, the users, holders, and traders of VCs were cautioned three times, in December 2013, February 2017 and December, 2017, by the RBI about potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to by investing in Bitcoin and/ or other VCs.

For the unversed, Bitcoins are a part of a rising new genre of digital payments called &#39;cryptocurrencies&#39; that work on blockchain technology with no centralised administrator.

This virtual currency emerged in the aftermath of the financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services.

Arun Jaitley further stated that an expert group was commissioned to look into the matter, adding that a report will be filed by them on the matter

Amid reports of the rising presence of bitcoins and other forms of virtual currencies (VCs) in India, Union Finance Minister Arun Jaitley on Tuesday reiterated that the former are not accepted as a lawful and legal tender in India. "Since December 24, 2013, the government and the Reserve Bank of India (RBI) have maintained the same stand on bitcoins and other forms of virtual currencies. Through multiple notifications, the two parties have notified the public time and again that bitcoins will not be considered lawful or legal tender in India," Jaitley said while responding to a question raised in the Rajya Sabha earlier today. Further, Jaitley stated that an expert group was commissioned to look into the matter, adding that a report will be filed by them on the matter. "The government does not want to take any substantial steps before the report is filed. We will look into the report and then issue corrective measures after a thorough understanding of the situation. We will also take the global scenario into consideration. However, we have clearly stated that dealing with VCs is at one's own risk," he said. When asked on measures taken to protect citizens from the dangers involved in cryptocurrencies and availability of data on the same, Jaitley noted that 11 exchanges have been identified in India, and reiterated that experts groups are looking into the same. "Bitcoins are not restricted to India; it is a problem world over. There are 785 VCs in operation worldwide presently. Cryptocurrency lacks dependence and function with anonymity within a virtual community. All operations are online. We have identified 11 exchanges dealing with VCs in India. We are awaiting the official report from experts," said Jaitley. On a related note, the Ministry of Finance on Friday issued a statement cautioning investors regarding risks of dealing with cryptocurrencies. Linking them to 'Ponzi schemes', the ministry argued that unlike others, virtual currencies have no intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely based on speculation, which results in spurt and volatility in their prices. Prior to this, the users, holders, and traders of VCs were cautioned three times, in December 2013, February 2017 and December, 2017, by the RBI about potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to by investing in Bitcoin and/ or other VCs. For the unversed, Bitcoins are a part of a rising new genre of digital payments called 'cryptocurrencies' that work on blockchain technology with no centralised administrator. This virtual currency emerged in the aftermath of the financial crisis and allows people to bypass banks and traditional payment processes to pay for goods and services.

Bitcoins not legal tender in India, reiterates Jaitley

Ramesh Jagtap has had a rough day. He quarrelled with his wife, Gangubai, in the morning. After the fight, she consumed pesticide. He took her in a shared rickshaw to the district&rsquo;s civil hospital in Osmanabad city, 30 kilometers from Satefal village. &ldquo;My heart beats were pounding like never before through the journey,&rdquo; he says. &ldquo;Fortunately, we reached in time for the doctors to treat her.&rdquo;

He rushed back to Satefal in the afternoon. The local branch of the district&rsquo;s cooperative bank was disbursing payments to settle claims made by farmers under the government&rsquo;s crop insurance scheme. &ldquo;I got back and stood in line for over an hour,&rdquo; Jagtap says. &ldquo;But the bank had only released a part of the sum.&rdquo; And that was given to farmers who had taken a token ahead of him.

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Jagtap, 50, who cultivates soybean, jowar, and wheat on his five acres, could well lose count of the problems he might wake up to tomorrow. He already has a bank loan of Rs. 1.20 lakhs, and owes Rs. 50,000 to a private moneylender. &ldquo;I had borrowed money during previous years of drought and for my daughter&rsquo;s marriage,&rdquo; he says. &ldquo;Moneylenders abuse us every day as we delay their payment. The fight with my wife started over this. She could not take the pressure and humiliation and poisoned herself in the heat of the moment. I need to repay my loans. I need money to prepare my land ahead of the monsoon season.&rdquo;

The desperation for funds forced Jagtap to rush back to Satefal, leaving Gangubai in the hospital. He is eligible to receive Rs. 45,000 from the government as crop insurance for the rabi season of 2014-15. On March 4, the government deposited Rs. 159 crores, which belong to 2,68,000 farmers like Jagtap, in the Osmanabad District Central Cooperative Bank (ODCC). But two months later, only Rs. 42 crores have been distributed.

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The bank is yet to give Chandrakant Ugale, a farmer from Satefal, his crop insurance payment of Rs. 18,000. Photo credit: Parth M.N. (Others)
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On April 5, the government deposited Rs. 380 crores as crop insurance for the 2016-17 Kharif season. This, too, the farmers have not received.

Sanjay Patil-Dudhgaonkar, a farm leader in Osmanabad, who went on a three-day hunger strike on April 19 after the bank kept delaying payments, alleges the ODCC has invested the money and is eating up the interest. &ldquo;This is the time when farmers start looking for credit&rdquo;, he says. &ldquo;It is a critical period and cash in hand goes a long way. Why should a farmer wait months for his own money?&rdquo;. His strike ended when the bank promised to pay up in 15 days &ndash; a promise that&rsquo;s not been kept.

Chandrakant Ugale, 52, from Satefal, says the incessant running around for money makes it difficult to focus on preparing the farmland for the Kharif season. &ldquo;It is not easy to get seeds and fertilisers on credit anymore. Everybody knows our financial condition. Nobody trusts the farmer with money.&rdquo; &nbsp;The bank is yet to give Ugale his crop insurance payment of Rs. 18,000.

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V.B. Chandak, chief officer (administration and accounts), at ODCC, says the Reserve Bank of India has not released enough notes and the bank is struggling to pay up. &ldquo;We are still distributing as quickly as we can,&rdquo; he says. &ldquo;We will try to clear the funds within 15 days.&rdquo;

Even as Chandak tries to defend his bank, 10-15 people barge into his cabin, furious. They throw documents at him, accuse him of rupturing their financial plans and demand cash. They all want to withdraw their fixed deposits, which have matured, some for years. Among them is Sunita Jadhav, around 45 and a widow, who wants to withdraw her deposit of Rs. 30.000, which matured a year ago. &ldquo;My daughter is getting married on May 7,&rdquo; she says. &ldquo;I am not going back without my money.&rdquo;

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Sunita Jadhav of Jalkut village: &#39;My daughter is getting married on May 7. I am not going back without my money&#39;. Photo credit: Parth M.N. (Others)
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Jadhav lives in Jalkut village, 50 kilometres from Osmanabad city. She has spent nearly a day&rsquo;s wage &ndash; Rs. 200 &ndash; on commuting to the bank. And she has visited the ODCC several times for over six months. She takes out a wedding card from her purse and says, &ldquo;I have worked hard to save up this amount.&rdquo; Jadhav works as a labourer at a brick kiln. Her brother, who lives with her, recently lost his job as a waiter in an eatery in Jalkut. &ldquo;A day spent in begging for my own hard-earned money means losing out on my daily wage as well,&rdquo; she says. &ldquo;The local branch asks me to visit the headquarters. Here they tell me to go to the local branch.&rdquo;

Chandak listens to all of them and politely says the bank has no funds. He is right. The ODCC is in a mess, to put it mildly. The bank is unable to repay close to Rs. 400 crores of fixed deposits, but is doing little to recover its non-agricultural loans of over Rs. 500 crores. Of this, just two sugar cane factories in the district &ndash; Terna and Tuljabhavani &ndash; owe the bank Rs. 382 crores.

Moreover, the loans that the ODCC has given to farmers &ndash; this credit is routed through 467 Vividh Karyakari Seva Societies &ndash; point at large-scale corruption. The Societies owe the ODCC Rs. 200 crores more than the amount to be recovered from farmers. &nbsp;Where this money has gone is anybody&rsquo;s guess.

While doing little to address these issues, the ODCC had threatened 20,000 farmers who owe the bank Rs. 180 crores with public humiliation and sent them notices in mid-November. The threat was retracted only after reports in the news media. &ldquo;The non-agriculture debts belong to influential [politically-connected] people,&rdquo; says a bank official. &ldquo;When we visit them for a reminder, we start by saying we were in the vicinity and then mention the loan as a passing reference.&rdquo;

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Furious depositors at the Osmanabad District Cooperative Bank, demanding their money back. Photo credit: Parth M.N. (Others)
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While not recovering debts from defaulters, the ODCC &lsquo;adjusted&rsquo; crop insurance payments farmers were to receive against crop loan repayments the farmers were yet to make. &nbsp;&lsquo;Adjust&rsquo; here means an amount of the insurance payout due to them was deducted as part repayment towards the crop loans they had taken. &ldquo;The collector said on March 22 that we can &lsquo;adjust&rsquo; up to 50 per cent of the amount,&rdquo; says Chandak. That is, as much as half the insurance payout due to a farmer could be deducted in this fashion. &nbsp;&ldquo;On March 31, the decision was rolled back. We will return the money of those we have adjusted if we get clear-cut orders from the government.&rdquo;

Dudhgaonkar says it is no surprise that the government diverted Rs. 5 crores of insurance payments in this way between March 22 and March 31, while recovering not even Rs. 50 lakhs of non-agricultural loans in the previous six months.

The ODCC has been aggravating the stress of farmers in other ways too. A few years ago, the bank started restructuring the debts of farmers by clubbing their term loans and crop loans together. The interest rate on a crop loan (for agricultural activities like buying seeds and fertilisers) is 7 per cent; of this, 4 per cent is paid by the state. A term loan (used for capital investment) could charge double the interest rate. Through restructuring, the bank merges the two loans and converts them into a new term loan, which magnifies the farmers&rsquo; dues.

Baburao Navle, a 67-year-old farmer from Shelgaon village, says his principal loan amount was just under Rs. 4 lakhs. After restructuring, it has spiralled to Rs. 17 lakhs over the years. The bank emphasises the farmers&rsquo; consent to the conversion, but the farmers claim they have been deceived. &ldquo;We were told to sign a document to avoid raids and confiscations at our homes,&rdquo; says Navle, who cultivates wheat, jowar and bajra on his four acres. Twenty-five farmers from his village collectively owe more than Rs. 2 crores to the ODCC &ndash; the original amount was around Rs. 40 lakhs. &ldquo;Is it not the bank&rsquo;s responsibility to inform us fully before asking for our signatures?&rdquo;

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Baburao Navle, a farmer from Shelgaon village, whose principal loan of Rs. 4 lakhs has spiralled to Rs. 17 lakhs. Photo credit: Parth M.N. (Others)
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Almost all the district cooperative banks of Marathwada &ndash; where many farmers have accounts &ndash; are on thin ice. The banks, unable to confront powerful defaulters and in financial distress themselves, can barely be the economic backbone of farmers &ndash; who are then driven to private moneylenders.

Back in Satefal, while Jagtap is talking to me about his problems, several people passing by on their motorbikes join in. Everyone is returning from the bank. A few relieved, much dejected. The branch has distributed crop insurance only to 71 farmers from Satefal that day. Jagtap has decided to go back to the hospital. &ldquo;My wife will ask if I received the insurance,&rdquo; he says. &ldquo;What will I tell her&hellip;?&rdquo;

Photo courtesy: Parth M.N.

This <a href="https://ruralindiaonline.org/articles/nobody-trusts-the-farmer-with-money/">article</a> was originally published on 05/ 05/ 2017 on the <a href="https://ruralindiaonline.org/">People&#39;s Archive of Rural India</a>.

In financial distress themselves, rural banks in India can barely be the economic backbone of farmers ? who are then driven to private moneylenders.

Ramesh Jagtap has had a rough day. He quarrelled with his wife, Gangubai, in the morning. After the fight, she consumed pesticide. He took her in a shared rickshaw to the district’s civil hospital in Osmanabad city, 30 kilometers from Satefal village. “My heart beats were pounding like never before through the journey,” he says. “Fortunately, we reached in time for the doctors to treat her.” He rushed back to Satefal in the afternoon. The local branch of the district’s cooperative bank was disbursing payments to settle claims made by farmers under the government’s crop insurance scheme. “I got back and stood in line for over an hour,” Jagtap says. “But the bank had only released a part of the sum.” And that was given to farmers who had taken a token ahead of him. Jagtap, 50, who cultivates soybean, jowar, and wheat on his five acres, could well lose count of the problems he might wake up to tomorrow. He already has a bank loan of Rs. 1.20 lakhs, and owes Rs. 50,000 to a private moneylender. “I had borrowed money during previous years of drought and for my daughter’s marriage,” he says. “Moneylenders abuse us every day as we delay their payment. The fight with my wife started over this. She could not take the pressure and humiliation and poisoned herself in the heat of the moment. I need to repay my loans. I need money to prepare my land ahead of the monsoon season.” The desperation for funds forced Jagtap to rush back to Satefal, leaving Gangubai in the hospital. He is eligible to receive Rs. 45,000 from the government as crop insurance for the rabi season of 2014-15. On March 4, the government deposited Rs. 159 crores, which belong to 2,68,000 farmers like Jagtap, in the Osmanabad District Central Cooperative Bank (ODCC). But two months later, only Rs. 42 crores have been distributed. The bank is yet to give Chandrakant Ugale, a farmer from Satefal, his crop insurance payment of Rs. 18,000. Photo credit: Parth M.N. (Others) × On April 5, the government deposited Rs. 380 crores as crop insurance for the 2016-17 Kharif season. This, too, the farmers have not received. Sanjay Patil-Dudhgaonkar, a farm leader in Osmanabad, who went on a three-day hunger strike on April 19 after the bank kept delaying payments, alleges the ODCC has invested the money and is eating up the interest. “This is the time when farmers start looking for credit”, he says. “It is a critical period and cash in hand goes a long way. Why should a farmer wait months for his own money?”. His strike ended when the bank promised to pay up in 15 days – a promise that’s not been kept. Chandrakant Ugale, 52, from Satefal, says the incessant running around for money makes it difficult to focus on preparing the farmland for the Kharif season. “It is not easy to get seeds and fertilisers on credit anymore. Everybody knows our financial condition. Nobody trusts the farmer with money.” The bank is yet to give Ugale his crop insurance payment of Rs. 18,000. V.B. Chandak, chief officer (administration and accounts), at ODCC, says the Reserve Bank of India has not released enough notes and the bank is struggling to pay up. “We are still distributing as quickly as we can,” he says. “We will try to clear the funds within 15 days.” Even as Chandak tries to defend his bank, 10-15 people barge into his cabin, furious. They throw documents at him, accuse him of rupturing their financial plans and demand cash. They all want to withdraw their fixed deposits, which have matured, some for years. Among them is Sunita Jadhav, around 45 and a widow, who wants to withdraw her deposit of Rs. 30.000, which matured a year ago. “My daughter is getting married on May 7,” she says. “I am not going back without my money.” Sunita Jadhav of Jalkut village: 'My daughter is getting married on May 7. I am not going back without my money'. Photo credit: Parth M.N. (Others) × Jadhav lives in Jalkut village, 50 kilometres from Osmanabad city. She has spent nearly a day’s wage – Rs. 200 – on commuting to the bank. And she has visited the ODCC several times for over six months. She takes out a wedding card from her purse and says, “I have worked hard to save up this amount.” Jadhav works as a labourer at a brick kiln. Her brother, who lives with her, recently lost his job as a waiter in an eatery in Jalkut. “A day spent in begging for my own hard-earned money means losing out on my daily wage as well,” she says. “The local branch asks me to visit the headquarters. Here they tell me to go to the local branch.” Chandak listens to all of them and politely says the bank has no funds. He is right. The ODCC is in a mess, to put it mildly. The bank is unable to repay close to Rs. 400 crores of fixed deposits, but is doing little to recover its non-agricultural loans of over Rs. 500 crores. Of this, just two sugar cane factories in the district – Terna and Tuljabhavani – owe the bank Rs. 382 crores. Moreover, the loans that the ODCC has given to farmers – this credit is routed through 467 Vividh Karyakari Seva Societies – point at large-scale corruption. The Societies owe the ODCC Rs. 200 crores more than the amount to be recovered from farmers. Where this money has gone is anybody’s guess. While doing little to address these issues, the ODCC had threatened 20,000 farmers who owe the bank Rs. 180 crores with public humiliation and sent them notices in mid-November. The threat was retracted only after reports in the news media. “The non-agriculture debts belong to influential [politically-connected] people,” says a bank official. “When we visit them for a reminder, we start by saying we were in the vicinity and then mention the loan as a passing reference.” Furious depositors at the Osmanabad District Cooperative Bank, demanding their money back. Photo credit: Parth M.N. (Others) × While not recovering debts from defaulters, the ODCC ‘adjusted’ crop insurance payments farmers were to receive against crop loan repayments the farmers were yet to make. ‘Adjust’ here means an amount of the insurance payout due to them was deducted as part repayment towards the crop loans they had taken. “The collector said on March 22 that we can ‘adjust’ up to 50 per cent of the amount,” says Chandak. That is, as much as half the insurance payout due to a farmer could be deducted in this fashion. “On March 31, the decision was rolled back. We will return the money of those we have adjusted if we get clear-cut orders from the government.” Dudhgaonkar says it is no surprise that the government diverted Rs. 5 crores of insurance payments in this way between March 22 and March 31, while recovering not even Rs. 50 lakhs of non-agricultural loans in the previous six months. The ODCC has been aggravating the stress of farmers in other ways too. A few years ago, the bank started restructuring the debts of farmers by clubbing their term loans and crop loans together. The interest rate on a crop loan (for agricultural activities like buying seeds and fertilisers) is 7 per cent; of this, 4 per cent is paid by the state. A term loan (used for capital investment) could charge double the interest rate. Through restructuring, the bank merges the two loans and converts them into a new term loan, which magnifies the farmers’ dues. Baburao Navle, a 67-year-old farmer from Shelgaon village, says his principal loan amount was just under Rs. 4 lakhs. After restructuring, it has spiralled to Rs. 17 lakhs over the years. The bank emphasises the farmers’ consent to the conversion, but the farmers claim they have been deceived. “We were told to sign a document to avoid raids and confiscations at our homes,” says Navle, who cultivates wheat, jowar and bajra on his four acres. Twenty-five farmers from his village collectively owe more than Rs. 2 crores to the ODCC – the original amount was around Rs. 40 lakhs. “Is it not the bank’s responsibility to inform us fully before asking for our signatures?” Baburao Navle, a farmer from Shelgaon village, whose principal loan of Rs. 4 lakhs has spiralled to Rs. 17 lakhs. Photo credit: Parth M.N. (Others) × Almost all the district cooperative banks of Marathwada – where many farmers have accounts – are on thin ice. The banks, unable to confront powerful defaulters and in financial distress themselves, can barely be the economic backbone of farmers – who are then driven to private moneylenders. Back in Satefal, while Jagtap is talking to me about his problems, several people passing by on their motorbikes join in. Everyone is returning from the bank. A few relieved, much dejected. The branch has distributed crop insurance only to 71 farmers from Satefal that day. Jagtap has decided to go back to the hospital. “My wife will ask if I received the insurance,” he says. “What will I tell her…?” Photo courtesy: Parth M.N. This article was originally published on 05/ 05/ 2017 on the People's Archive of Rural India.

?Nobody trusts the farmer with money?

Tens of thousands of Venezuelans rushed across the border to neighbouring Colombia, taking advantage of a 12-hour temporary border opening to buy much-needed food and medicine, in short supply in their home country where a severe economic crisis has caused critical shortages. 
 
Venezuelan homemaker Ada Marquez was moved by the scene. 
 
&quot;I was crying as I crossed the bridge when I saw the avalanche of people. It&#39;s unbelievable to me that all of Venezuela wants to come here, to this neighbouring country, to look for the things we can&#39;t get over there. Everyday, there are fewer things,&quot; she said. 
 
Although Venezuelan President Nicolas Maduro ordered the border with Colombia to close last year to crack down on smuggling, Tachira Governor Jos? Vielma said the president authorised the opening of the border crossings on Sunday. 
 
Nearly 35,000 Venezuelans crossed the border: Columbian governor 
 
Thousands of Venezuelans spent the night outside the San Antonio del Tachira customs office in anticipation of the opening. Some travelled hours for the opportunity to buy much-needed food, medicine and basic goods. 
 
Venezuelan homemaker Bernarda Oliveros said she was grateful they could buy products in Colombia. 
 
&quot;It&#39;s a relief to be able to come here to find our products, our medicines, that we really cannot get over there,&quot; she said. 
 
Colombian governor William Villamizar of Norte de Santander estimated that about 35,000 Venezuelans crossed the border into nearby Colombian cities like La Parada and Cucuta. 
 
Since Venezuelans crossed the three border bridges on foot, the Colombian government provided bus transportation to take shoppers to buy food and medicine. 
 
&#39;We don&#39;t have food. We don&#39;t have cooking oil&#39;&nbsp; 
 
Colombian shops accepted the depreciating currency Venezuelan bolivar, and a Reuters witness reported that many Colombian businesses&#39; shelves were empty by midmorning. 
 
Millions of people spend much of their day in long lines at supermarkets and shops to try to buy basic items amid shortages caused by a decline in oil revenues in Venezuela, a country that imports almost everything it consumes, and tightly controls exchange and price. 
 
Venezuelan Carmen Velazco said the situation is drastic. 
 
&quot;We don&#39;t have food. We don&#39;t have cooking oil. We don&#39;t have flour. So that is why we have to come here,&quot; she said. 
 
Shortages have been so great and prices so high that looting has increased in Venezuela. 
 
(Reuters)&nbsp;

Thousands of Venezuelans spent the night outside the San Antonio del Tachira customs office in anticipation of the temporary border opening

Tens of thousands of Venezuelans rushed across the border to neighbouring Colombia, taking advantage of a 12-hour temporary border opening to buy much-needed food and medicine, in short supply in their home country where a severe economic crisis has caused critical shortages. Venezuelan homemaker Ada Marquez was moved by the scene. "I was crying as I crossed the bridge when I saw the avalanche of people. It's unbelievable to me that all of Venezuela wants to come here, to this neighbouring country, to look for the things we can't get over there. Everyday, there are fewer things," she said. Although Venezuelan President Nicolas Maduro ordered the border with Colombia to close last year to crack down on smuggling, Tachira Governor Jos? Vielma said the president authorised the opening of the border crossings on Sunday. Nearly 35,000 Venezuelans crossed the border: Columbian governor Thousands of Venezuelans spent the night outside the San Antonio del Tachira customs office in anticipation of the opening. Some travelled hours for the opportunity to buy much-needed food, medicine and basic goods. Venezuelan homemaker Bernarda Oliveros said she was grateful they could buy products in Colombia. "It's a relief to be able to come here to find our products, our medicines, that we really cannot get over there," she said. Colombian governor William Villamizar of Norte de Santander estimated that about 35,000 Venezuelans crossed the border into nearby Colombian cities like La Parada and Cucuta. Since Venezuelans crossed the three border bridges on foot, the Colombian government provided bus transportation to take shoppers to buy food and medicine. 'We don't have food. We don't have cooking oil' Colombian shops accepted the depreciating currency Venezuelan bolivar, and a Reuters witness reported that many Colombian businesses' shelves were empty by midmorning. Millions of people spend much of their day in long lines at supermarkets and shops to try to buy basic items amid shortages caused by a decline in oil revenues in Venezuela, a country that imports almost everything it consumes, and tightly controls exchange and price. Venezuelan Carmen Velazco said the situation is drastic. "We don't have food. We don't have cooking oil. We don't have flour. So that is why we have to come here," she said. Shortages have been so great and prices so high that looting has increased in Venezuela. (Reuters)

In midst of crisis, tens of thousands Venezuelans rush to border to buy essentials

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