Currency Notes

Yesterday, the Indian Prime Minister announced that the ₹500 and ₹1000 notes will no longer be legal tender from midnight of November 8-9. The reporting in the media and forwards on social media (especially WhatsApp) created a panic situation at Bank ATMs and several retail outlets.

Since I’m on the cash counter I’ve been trying to read all the stories appearing in old media before I see the circulars later today at the bank.

Deepak Shenoy over at Capital Mind has the best write up on the topic, calmly explaining the availability of money over the next few days, why it’s not really the end of the cash economy, no GPS chips and why we may have only temporarily brought the black money count to zero.