India's currency must be held by the public with confidence, not uncertainty and fear

Abstract

While the army was able to conduct surgical strikes across the border and undertake relief operations during the Chennai floods, India's bankers have been unable to rise to the battle cry in the aftermath of demonetisation. Prime Minister Narendra Modi announced the demonetisation of high denomination currency keeping in view the manifesto of the BJP to fight corruption and respect the sentiments of voters.

First, some facts about the demonetised currencies. The Rs 500 note was introduced in October 1987-88 while the Rs 1000 notes were discontinued in January 1978 and reissued in November 2000. The history of the Rs 1000 note is interesting. It was first introduced in 1938 under the British rule and then demonetised in January 1946. It was once again introduced in 1954 and demonetised in 1978 only to be re-introduced in 2000. Read more at: https://thewire.in/economy/indias-currency-must-be-held-by-the-public-with-confidence-not-uncertainty-and-fear