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The Big Re­verse:

Storizen Magazine - - What's Inside -

How De­mon­e­ti­za­tion Knocked In­dia Out

– Meera H. Sanyal

8 Novem­ber 2016 was a black swan event in In­dian his­tory. At one stroke, 86 per cent of the cur­rency in cir­cu­la­tion was de­mon­e­tized, caus­ing con­fu­sion, chaos and end­less mis­ery to the com­mon In­dian. While the Modi gov­ern­ment claimed that it was the sil­ver bul­let that In­dia needed to elim­i­nate many of its long­stand­ing prob­lems such as black money, cor­rup­tion, tax eva­sion and ter­ror fund­ing, the months that fol­lowed proved it oth­er­wise. The re­turn of 99.7 per cent of the banned 500 ru­pee and 1,000-ru­pee notes showed that the RBI’s idea of De­mon­e­ti­za­tion Div­i­dend was noth­ing but a mi­rage. In the process, liveli­hoods of mil­lions in the in­for­mal sec­tor were de­stroyed, caus­ing enor­mous dis­tress to farm­ers and, traders and forc­ing many mi­cro, small and medium busi­nesses into bank­ruptcy. The Big Re­verse an­swers the ques­tions that still con­tinue to haunt In­di­ans, on the what, why and how of de­mon­e­ti­za­tion.

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