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Dethroning “King Cash” – daily life post demonetization
While it is true I spent much of November and December in Indonesia, I’m home in India now and discovering the new day-to-day reality of life post demonetization.
For those not familiar, on November 8, 2016 the Prime Minister of India with a swipe of his pen made the Rs 500 and Rs 1,000 notes no longer legal tender – effectively taking 86% of the currency out of circulation.
The rules of how to exchange or deposit any cash kept changing and, more challenging, the new Rs 2,000 then also Rs 500 notes were a different size so ATMs didn’t immediately work. Then when re-calibrated, apps popped up informing where you could get cash – finding an ATM (or bank branch) with cash became a more elusive race than catching Pokemon Go!