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
Its demonetization, it wasn't well planned, but was necessary at that time. The amount of corruption going around in India goes way beyond than what we speak. The current Prime Minister is trying hard to bring his country to the top, the number of visits he has made to other countries for discussing things and getting things done is astounding. You can poke him how much ever you want, but he's doing something. People were given so many days to convert their money. It wasn't a great move, but it ruined the lives of those who live by corruption, and doing illicit things.