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Modiji, Kudos But Why the Rush to Scrap Rs 500 & 1,000 Overnight?

All that Modi gave to the people of India was barely four hours before these denominations turn illegal.

Updated
India
2 min read
Modiji, Kudos But Why the Rush to Scrap Rs 500 & 1,000  Overnight?

As the clock struck 8 PM on Tuesday, Narendra Modi made a surprise appearance to address the nation.

The Prime Minister, in an unexpected announcement, declared the scrapping of Rs 500 and Rs 1,000 notes starting 8 November midnight.

Also Read: Live: Rs 500, Rs 1,000 Notes Scrapped, Rs 2,000 Note Introduced

All that Modi gave to the people of India was barely four hours before these denominations turn illegal – and, therefore, useless.

What would have happened if a 30-day notice had been given?

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(Photo: The Quint)
(Photo: The Quint)
(Photo: The Quint)
(Photo: The Quint)
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(Photo: The Quint)
(Photo: The Quint)
(Photo: The Quint)
(Photo: The Quint)
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What if the scheme was: you have 30 days to CONVERT your old Rs 500/1,000 notes into new Rs 500/2000 notes, after which the old notes would cease to be legal tender... that would have achieved the same outcomes, but with much less panic... so why was that route not chosen? Another bureaucratic misstep?

Net net, has the government erred in giving people only FOUR HOURS, when it could easily have given 30 days, saved a whole lot of hassle for ordinary, poor people, and yet pushed scamsters with unaccounted cash into the corner?

Another questionable bureaucratic implementation of a big, transformational move?

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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