On 8 November 2016, India took the dramatic and unprecedented step of demonetising its high denomination Rs 500 and Rs 1000 currency notes, to ‘fight black money, eliminate counterfeit notes and stop terror funding’. The decision prompted fierce and widespread debate. While proponents and opponents have argued on specific aspects of the policy, a holistic view has been absent from the debate.
What was the rationale of demonetisation? Did it stamp out black money and terror funding as promised? Were there options that could have avoided causing immense hardship to countless Indians?
This book—with a 2018 Afterword by the author—is written for every Indian: from the policymaker who wishes to understand the lessons to be learnt from this exercise, to the analyst who wishes to grasp its whys and wherefores, to the ordinary citizen who, bewildered by the turn of events, wants to know if Demonetisation 2016 has helped India in any way. It also explores the drive towards digitalisation of payments which, post-demonetisation, has emerged as a key government agenda.