Why The Rush? Government Moves To Scrap Large Currency Notes Overnight

Has the government erred in giving only FOUR HOURS to people?

Raghav Bahl @Raghav_Bahl

10:39 PM IST, 08 Nov 20164:36 AM IST, 09 Nov 201610:39 PM IST, 08 Nov 20164:36 AM IST, 09 Nov 2016

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New Delhi : RBI Governor, Urjit Patel with Finance Secretary Shashikant Das showing specimen notes of new Rs.2000 during their press conference in New Delhi on Tuesday. (Photographer: Shahbaz Khan/PTI)

In a surprise announcement, Prime Minister Narendra Modi announced on Tuesday evening that from starting November 8 midnight, Rs 500 and Rs 1,000 currency notes will no longer be legal tender.

Effectively, the government barely gave people four hours before these denominations turned illegal.

Raghav Bahl is the co-founder and chairman of Quintillion Media, including BloombergQuint. He is the author of two books, viz ‘Superpower?: The Amazing Race Between China’s Hare and India’s Tortoise’, and ‘Super Economies: America, India, China & The Future Of The World’.

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