THE GREAT INDIAN

CURRENCY CIRCUS

TANYA SYNGLEE M A I L : t a n y a s y n g l e @ g m a i l . c o m

DEMONETIZATIONIn a special and sudden address to the

nation at 8:00 p.m. on November 8, 2016 on national television , Indian Prime Minister

Narendra Modi announced that Rs. 500 and Rs. 1000 will no longer be considered legal tender. However, on deeper inspection, it appears to be well planned and positively

motivated.

• Eliminating majority of the black money as it is usually kept in notes of Rs. 500 and Rs. 1000, notes of the highest denomination.

• Flushing out counterfeit notes which were being used to finance terrorism & other subversive activities.

• Eliminating the use black money to fund the upcoming state elections.

• Rendering the money made by illegal betting on the US Presidential elections useless.

• By allowing a very small window, it is difficult to convert clack money into white money.

PURPOSE

WHAT IT ENTAILS• Rs. 1000 and Rs. 500 notes have been demonetized effective from November

9,2016.

• Government hospitals & counters for railway, bus and air tickets will accept Rs. 500 & Rs. 100 notes till 11 November,2016.

• Petrol stations authorized by public sector oil companies, milk booths & crematoria & burial grounds will accept Rs. 500 & Rs. 1000 notes till 11 November, 2016.

• New series bank notes of Rs. 500 & Rs. 2000 will be introduced for circulation from November 10,2016.

• Notes of Rs. 100 and lower denominations and all coins will continue to be legal tender.

• Online transactions and card payments will not be affected.

CONSEQUENCESThe effectiveness and impact of this

step taken by the Indian Government will be visible and felt only after few

weeks to months. Immediately, it will result in inconvenience to common

man to exchange Rs. 500 & Rs. 1000 notes in his possession & procure the appropriate the appropriate currency denomination for day-to-day survival,

especially in view of the fact that enough legal currency may not

immediately available for a billion- plus population.