On November 8, Prime Minister Narendra Modi addressed the nation at 8 pm and announced that Rs 500 and Rs 1000 notes would no longer be legal tender after midnight that night. This move was needed to tackle the “disease of black money,” he said.
Since then, there have been numerous reports of how ordinary people have been affected by the move, long lines forming outside ATMs and banks, and whether this move will be successful in its aims.
The Wire sat down with renowned economist and professor emeritus at Jawaharlal Nehru University Prabhat Patnaik to talk about the nature of black business, whether this decision would be effective, the troubles it has caused and will continue to cause for large sections of the population, and more.
