Quote from: First77 on September 03, 2018, 01:32:27 PM

Last week, former Indian finance minister P.Chidambaram said "not a single economist worldwide has approved the demonetization in India 2016

On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.

Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.

Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.

Prime Minister "Narendra Modi" is very proud of his actions

Banning two notes in existing circulation does nothing to stop money laundering. Sure, you could give some trouble to them, but the launderers are going to continue to work, even without all of the cash in circulation.

I think that it's quite a ill-advised decision that they did this still. It posed no real benefits, while inconveniencing pretty much everyone in India that held these notes.

There were even fatal instances of withdrawing money, it seems. Again, it was a rash decision that wasn't thought out carefully. If you're going to do this, at least do it in a way that does not result in such high demands on the banks.