Foreign Policy (for Info only, not official)


Foreign Policy

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    ..."I know that forces are up against me," he said, his voice cracking with emotion, in the aftermath of his sudden move on Nov. 8 to junk India's two largest denomination rupee bills overnight, launching shock therapy for the country's cash-driven shadow economy. "They may not let me live, they may ruin me," he added darkly, "because their loot of 70 years is in trouble. "That sounds dramatic, but the scale of Modi's gamble invites hyperbole. The sudden scrapping of the Rs500 and Rs1000 notes - worth roughly $7 and $15 respectively, and accounting for nearly 90 percent of the value of cash in circulation - has plunged India's economy into chaos. For two weeks, newspaper front pages have pictured long lines snaking around banks, as rich and poor alike queue up to exchange old notes for new. 80 billion dollars has been deposited so far. ...

    NDTV on Nov. 29, 2016, midnight