India’s Demonetization Disaster
Indian Prime Minister Narendra Modi's November 8 announcement that 86% of the country's currency would be removed from circulation at the stroke of midnight has plunged the economy into chaos. And the worst part is that it may all be for nothing.
NE W DELHI – On November 8, Indian Prime Minister Narendra Modi announced that, at the stroke of midnight, some 14 trillion rupees worth of 500- and 1,000-rupee notes – 86% of all the currency in circulation – would no longer be legal tender. With that, India’s economy was plunged into chaos.