Understanding Demonetization in India

CHAPTER 15

An Epilogue: Two Years Later

There has been a renewed debate around demonetization on its second anniversary; the government and the opposition attacked each other over its lasting impact. On November 24, 2016, speaking in the Rajya Sabha, a little over 2 weeks after demonetization, former prime minister Manmohan Singh had described it as “organized loot and legalized plunder of the common people.” Again, on the second anniversary of demonetization, he asserted that it was an “ill-fated” and “ill-thought” exercise. “Notebandi” impacted every single person, regardless of age, gender, religion, occupation, or creed. He advised the government to show prudence, thought, and care in its handling of economic policy making and urged the government ...