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Bonfire of the Rupees - De-monetisation in India

Geoff Riley

19th November 2016
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It is one of the most dramatic policy decisions in recent years. Last week, Indian Prime Minister Modi announced that from midnight all 500-rupee (£6) and 1,000-rupee notes would cease to be legal tender. His argument was that this reform would help to erase a lot of black market money and help rid India of counterfeit notes used by terrorists. It is not a surprise that there has been a wealth of comment - some supportive, some highly critical - of this move.

Wall Street Journal

This article in the Guardian is highly critical - they claim that "the two cancelled notes account for 86% of all the currency in circulation; over 90% of all transactions are conducted in cash, and over 85% of workers get their incomes in cash."

This Guardian editorial is highly critical of Modi's shock therapy for the Indian economy - read Modi has brought havoc to India

The Financial Times reports that "Until December 30, the notes, worth $7.50 and $15 respectively, can be deposited in bank accounts or exchanged in small quantities over the counter for new currency."

The Times of India is running a live blog on reaction to the decision and the initial fall-out.

Al Jazeerah News - Anger intensifies over India's demonetisation move

India rupee ban: Rural communities hit hard

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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