Six weeks ago, when prime minister Narendra Modi announced his
government’s decision to demonetise Rs500 and Rs1,000 notes, it wasn’t
just Indians who were taken aback.
World leaders, economists, and
international organisations watched the bold experiment with a mix of
wonder and worry. Would it work as a means to crack down on unaccounted
cash and counterfeit currency in foreign companies subsidiary? So far, Modi’s move has left millions
scrambling for cash, hitting consumption and thereby threatening GDP
growth in India.
Nonetheless, it now appears Modi’s move was just
the first of a handful of such year-end demonetisation exercises around
the world
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