India’s Demonetization: Black (Market) Need Not Be Back

On 9 November 2016, at the stroke of midnight – like a Cinderella fairytale – many Indians saw their stash of cash reduced to “pumpkin and mice.” Princes, the illegitimate ones, became paupers (in cash terms). This has caused enormous hardship, especially among the most vulnerable members of society.

The government-ordered demonetization program – designed to help stop counterfeiting of the current banknotes and to crack down on “black money” – has met with polarized responses. Supporters argue this action will not only help rid the economy of black money, but will lower interest rates and deliver a huge dividend from the Reserve Bank of India (RBI) to the government treasury.

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