Ramanan — Remonetisation

On 8th November 2016, at around 8pm, the Prime Minister of India, in a shock announcement, announced that 86% of currency notes in circulation—notes denominated ₹500 and ₹1,000—are no longer legal tender from midnight. Instead new notes with denominations ₹500 and ₹2,000 will be issued. The press is calling this “demonetisation”, although “remonetisation” seems to be a better word.…

Ramanan explains.

The Case for Concerted Action
Remonetisation
V. Ramanan

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