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India’s Demonetization: A Short-Term Loss or a Long-Term Gain? |
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INTRODUCTION |
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| On November 16, 2016, a 48-year-old man, Saud Ur Rehman, died of a heart attack outside a bank in the capital city of India, Delhi. He was standing and waiting in a queue at that time for his turn to exchange and deposit demonetized currency notes which the Indian government had announced were not legal tender from midnight November 8, 2016. Rehman was not the only one who rushed to the bank to get cash after demonetization; there were hundreds of thousands of people who waited for several hours to get rid of the junked notes. Several incidents were reported of common people suffering because of the economic stress caused by the note ban. Apart from common people, bankers too found it difficult to manage and serve the long, snaking queues of customers..
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