From Corbett & We Are Change: India’s Cash Crunch
What the government giveth, the government taketh away. Like that money in your wallet. Do you really think it’s yours? If so, the people of India would like to have a word with you.
Oh, haven’t you heard? In case you missed the story during the din and clatter of the US sElection circus, all hell has broken loose in India.
It all started on November 8th, when Indian Prime Minister Narendra Modi made a surprise television address to the nation. As you might have guessed, this was no stale policy speech. Instead, Modi sent shockwaves through the country (and the region) by announcing that as of midnight that evening, existing 500 and 1000 rupee notes would no longer be accepted as legal tender. The tax cattle would have until December 30th to trade in their 500 and 1000 rupee notes at post offices and banks.
And just like that the bits of colored paper in everyone’s wallets were revealed as…well, useless bits of colored paper.