Postcard from India – monumental bank note upheaval

cow-mini-market in Goa by Paul Walter
Paul Walter is now back at home. As is often the case, this postcard arrived after the sender returned to Blighty!

We’ve had an enrapturing holiday in Goa, India. The welcome from the Goan people was wonderful. The beauty of the place was breathtaking.

By coincidence, we arrived just a couple days after a major monetary change by the government. To wrong-foot terrorists and criminals, there has been a monumentally huge exercise called “demonetisation”, going on across this, the second most populous nation in the world. All the old 500 and 1000 rupee notes have been withdrawn from circulation at two hours’ notice.

In the Times of India, Santosh Desai wrote: “86% of the currency in circulation becomes illegal virtually overnight”. That relates to an estimated $210 billion worth of money notes. $210 billion! That is a mind-boggling figure. Continue reading