First, you would need to do this globally, coz we& #39;re too interconnected and independent. Otherwise for example, what will those with foreign obligations (EMIs, loan repayments) do? Same for paying for imports.
Second, govt will essentially have to nationalize everything. 1/n

Otherwise there will be preferential allocation of resources to the rich (even if they don& #39;t have cash, they can always promise to pay later). So basically we& #39;ll have to slip into communism. The problem with that is that there is really no chance of avoiding private trade. 2/n

For instance, how do you stop someone from making a deal like "I& #39;ll supply you fancy food, you gift me your gold" (which is roughly how black markets operated in the USSR)? This trade will eventually find a currency (maybe gold)... making freezing the rupee pointless.3/3