Despite hype, demonetization missed all goals
Note ban was the biggest move by the Narendra Modi-led govt, but it was also its most underwhelming initiative, judged by the economic impact it had
MUMBAI/NEW DELHI : Of all the initiatives of the National Democratic Alliance (NDA) government, none was as historic or dramatic as the decision to demonetize high-value currency notes. On 8 November 2016, in a televised address to the nation, Prime Minister Narendra Modi declared that all ₹500 and ₹1,000 notes, which together accounted for 86% of the currency in circulation, would no longer be legal tender. In India’s largely cash-based economy, this was a momentous decision.