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What you need to know about Modi's India?

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Let’s discuss dumb policy execution -- well outside of the 2017 U.S. media focus on all things Trump.

This is global news. Most of you probably haven’t paid attention to it.

On November 8th, 2016, the Government of India announced the demonization of all 500 (US$7.80) and 1,000 (US$16) banknotes of the Mahatma Gandhi series. Think of these rupee notes as ten-dollar and twenty-dollar bills in the U.S. context. Overnight, 86% of cash in Indian circulation was voided. In this country, consumers are almost 90% cash reliant. Chaos ensued.

The Prime Minister of India, Narendra Modi announced the demonetization in an unscheduled live televised address. In the announcement, Modi declared that use of all 500 and 1000 banknotes would be invalid past midnight. He then announced the issuance of new 500 and 1000 banknotes in exchange for the old banknotes.

His government claimed this action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. India’s major BSE SENSEX and NIFTY 50 stock indices fell over 6 percent on the day after the announcement.

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