The big reverse: how demonetization knocked India out

On 8th November 2016, Indian Prime Minister Narendra Modi called a press conference and announced, with only a few hours notice, that the 500 and 1,000-rupee notes were no longer legal tender. The confusion, chaos, and fear that followed was of epic proportions. Queues formed at banks, with people waiting for days, only to find the bank ran out of smaller bills. Those without bank accounts had no way to make routine transactions. Already impoverished people had to spend their work time waiting to exchange their money. India was truly living a historical moment with many theories around the real motive, timing and preparedness behind this decision. Two years later, one of India s highly respected banker, Meera Sanyal analyses this policy with unprecedented data, historical and cultural insights and personal narratives of common people and policy makers. And in the process, explains how Demonetization knocked India out.