CHAPTER 8
Recent Demonetization of Indian Currency
The recent demonetization was perhaps India’s boldest policy experiment in over a quarter of a century. It was an unusual and courageous experiment in a country of the size of India. This chapter describes the mechanism of operation of demonetization of November 8, 2016.
The Background of the Demonetization
Prior to the demonetization, there was an unprecedented rise in the circulation of high-value notes (
500 and 1,000) from 1.5 lakh crore in 2004 to about 15.5 lakh crore in October 2016, their ...
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