A demonetization of this kind may have been necessary, it's likely that Narendra Modi pushed it through a few years too soon
It certainly took everyone in India by surprise. But then, Prime Minister Narendra Modi has a flair for the dramatic. In an unexpected prime time address on Tuesday, he announced that in a few hours, millions of high-denomination currency notes would no longer be legal tender. It was the only way, he insisted, to deal with “the disease" of unaccounted-for income—or “black money," as it’s called in India. “Your money will remain yours," he assured a stunned citizenry—as long as you get around to depositing it in post offices sometime over the next several weeks.