On November 8, 2016, Indian Prime Minister Narendra Modi made a dramatic announcement on live tv: as of midnight that night, the 500 and 1,000 rupee notes would no longer be legal tender. Indians would have to turn in their old cash for new notes in the coming weeks. This “demonetization” scheme was sold to the public as an attempt to rid the Indian economy of so-called “black money,” but what was it really about? And what are the real consequences of this action? Today we talk to Satya Sagar of countercurrents.org for the Indian perspective on this startling event.

SHOW NOTES:

Watch: The Moment PM Modi Announced 500 and 1,000 Rupee Notes Are Illegal

Crisitunity in India’s Cash Crunch

Death by Demonetization

India’s Caste System, Social Inequality and Demonetization

Credit Suisse Global Wealth Report 2014

Modis Operandi: When India Went ‘Keshless’

countercurrents.org

TheWire.in

Economic & Political Weekly

Filed in: Interviews

