Measuring Narendra Modi’s monumental mismanagement8 min read . Updated: 23 Dec 2016, 03:58 AM IST
The govt took out 87% of all currency notes in circulation overnight but will take months to circulate the new notes. Meanwhile, the public will continue to suffer
On the evening of 8 November, when the Prime Minister announced the currency swap, many thought this was a very bold decision that in one strike (nowadays “strike" is the favourite word) would eliminate counterfeit notes and the black money with smugglers, extremists and the corrupt. But, after a couple of days, as people began waiting in lines at bank branches and ATMs, they realized this was not going to be an easy job. It appeared uncertain as to how long it was going to take, how often one would have to stand in long queues, and when one would be able to withdraw the cash in full from his or her account. Doing routine purchases with one or two Rs2,000 notes in hand was proving difficult. Still, people were willing to tolerate the inconvenience for the good of the country.