New Delhi : RBI Governor, Urjit Patel with Finance Secretary Shashikant Das showing specimen notes of new Rs.2000 during their press conference in New Delhi on Tuesday. (Photographer: Shahbaz Khan/PTI)

Why The Rush? Government Moves To Scrap Large Currency Notes Overnight

BloombergQuintOpinion

In a surprise announcement, Prime Minister Narendra Modi announced on Tuesday evening that from starting November 8 midnight, Rs 500 and Rs 1,000 currency notes will no longer be legal tender.

Effectively, the government barely gave people four hours before these denominations turned illegal.

Why The Rush? Government Moves To Scrap Large Currency Notes Overnight
Why The Rush? Government Moves To Scrap Large Currency Notes Overnight
Why The Rush? Government Moves To Scrap Large Currency Notes Overnight
Why The Rush? Government Moves To Scrap Large Currency Notes Overnight

Raghav Bahl is the co-founder and chairman of Quintillion Media, including BloombergQuint. He is the author of two books, viz ‘Superpower?: The Amazing Race Between China’s Hare and India’s Tortoise’, and ‘Super Economies: America, India, China & The Future Of The World’.