Video Duration 24 minutes 55 seconds
From: Inside Story

Has India’s new currency policy worked?

In November 2016 India’s government withdrew several high denomination banknotes as a way to combat corruption.

One year ago, the government of Prime Minister Narendra Modi decided to withdraw several large denomination banknotes from circulation in India.

The surprise move meant that Indians were suddenly left without being able to use nearly 86 percent of the country’s currency.

The government said it was a way to crack down on so-called “black money”, a term used to describe any earnings from money laundering, “terror financing” or other illegal means.

But a year after the sudden decision, it is not clear if the policy has worked.

Opposition parties organised protests to mark the one year anniversary of the withdrawal of the notes.

So, what’s been the fallout for the economy?

Presenter: Jane Dutton


Mihir Sharma – Political Economist and author of ‘Restart: the Last Chance for the Indian Economy’.

Jayati Ghosh – Professor at the Centre for Economic Studies and Planning at Jawaharlal Nehru University.

Nalin Kohl – National Spokesman for India’s ruling Bharatiya Janata Party (BJP).