Demonetisation: Questioning the relevance and legitimacy of note ban
By Team Legistify / 2017-03-28

Have a Legal Issue?

Get connected to the Best Lawyers and Chartered Accountants Near You!


India’s demonetisation, the “ notes ban ”, began on November 8, 2016. The Bharatiya Janata Party (BJP) government announced that all high-denomination notes (500 and 1,000 rupees) in circulation would cease to be legal tender.

This was a shock. No hint of such a 1.3 billion-person-wide policy was given until the announcement. The population had only 50 days to exchange their old notes.

At the time more than half (54%) of the population lived without bank accounts and were employed in a highly cash-driven and very large informal agricultural economy. The supporting infrastructures were far from adequate for the millions of citizens who needed to learn the management skills required in a less cash-dependent society.

Unsurprisingly, daily life was completely disrupted. Chaos reigned in the banks, which suddenly had to deal with the demands of India’s entire population all at once. Everyday business and trade threatened to collapse on the streets.

Hyper-technocracy, or democracy in action?

None

Have a Legal Issue?

Get connected to the Best Lawyers and Chartered Accountants Near You!


Related Posts

Read More News on Similar Topics