ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Monkey Business

We should not be surprised that demonetisation, announced a year ago, failed to stem counterfeiting, an art as old as coinage itself.

A year ago, the Indian government, or rather, a small group of people in the government including the Prime Minister, launched an extraordinary demonetisation drive, pulling ₹1,000 and ₹500 notes out of circulation in one stroke. Bypassing the usual institutional mechanisms of decision-making, the plan was hatched in great secrecy and unleashed upon an unsuspecting nation.

The Prime Minister first claimed the move would be calamitous for counterfeiters, many of whom were supposed to be anti-India terror groups, and hoarders of black money, by rendering useless the unaccounted-for high-denomination notes the latter group had stashed away. A year later, the policy has proved to be nothing of the kind. On the contrary, leading economists spanning the ideological spectrum have concluded that the move has hurt the country’s economy severely, with the poor paying for it the most.

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Updated On : 3rd Nov, 2017
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