Black Wealth, The Real Deal

Black Wealth, The Real Deal


The Supreme Court was bang on when it said on Tuesday that the government's hit on black money "appears to be carpet-bombing and not a surgical strike". The collateral damage has certainly been huge.

Demonestisation is usually associated with decrepit economies with hyper-inflation, such as Zimbabwe recently and Argentina in the past. Fiji and the Philippines also have demonetised their currency in the past. British India demonetised its currency in 1946 ostensibly to hit war profiteers. But this was largely seen as a wealth grab by an outgoing colonial administration.