Perspective

Bluster as policy

Print edition : November 24, 2017

Non-resident Indians waiting to enter the RBI office in New Delhi on January 9 to exchange their demonetised currency notes. Indians living abroad were given time until June 30 to exchange their old notes at designated RBI offices. That the RBI came out with more than 66 notifications and announcements in 50 days after demonetisation was evidence enough that there was no plan behind the move. Photo: V. Sudershan

A tough day for bank customers in Hyderabad as most of the ATMs in the city ran out of cash. The RBI was able to remonetise only 41.7 per cent of the Specified Bank Notes within the promised time of 50 days. Photo: Nagara Gopal

Fake Rs.2,000 notes that were dispensed by an SBI ATM in south Delhi on February 22. Demonetisation could not contain, let alone stop, counterfeiting of currency. Photo: PTI

Scrapped currency notes that were seized during income tax raids at a hotel in Karol Bagh, New Delhi, on December 15, 2016. The government authorities are aware that most of the black money generated is invested in businesses, stocks, real estate, benami accounts, etc., and only a small fraction is kept as cash. Photo: By Special Arrangement

A look into the various supplementary claims the government trotted out when demonetisation was proving to be a blunder and how unprepared the Prime Minister’s kitchen cabinet (assuming there was one) was to deal with the aftermath of the invalidation of 86 per cent of the cash in the economy at a stroke.
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