Demonetization Thoughts
On November 8th 2016, the prime minister of India announced on National TV that the 500 and 1000 rupee notes were demonetized effective midnight. The PM announced that the people had until Dec 31 to exchange the old notes. Post Dec 31 the people could exchange them at the specified RBI branches. The government believed that this step would help curb counterfeit currency that fed terrorist activities and fight corruption by bringing black money hoarders to book. He asked the people of India to put up with the difficulty for a 50 days, and to view this as a step towards a new India. People obliged, everyone felt this step was in the right direction. None of the major opposition parties questioned this move as they would be seen as aiding the evils that plagued our society. As the days progressed the practical realities hit home. Banks and ATM's started running out of cash, people started complaining about the need to endure long lines to get money, news reports showed the im...