Money madness: The ulta-pulta logic of demonetisation and remonetisation

 

Article Summary

This satiric article deals with the topic of demonetisation and remonetisation; it discusses briefly one of the major reasons for which it was introduced and how much effective , efficient and penny–wise it has been for India . The author starts with how high currency notes like 1,000 and 500 rupee notes which were banned overnight in India as facilitate bribery and corruption were replaced by even higher currency notes (2,000 notes were introduced and 500 notes was replaced).

 

Furthermore he emphasises that the new Rs 2,000 note is found to be problematic for use in day-to-day transactions as few shopkeepers and service providers could give change for it. So now, in a remonetisation exercise, the government is introducing another new note, this time in the denomination of Rs 200, which they hope will solve the problem.  While the problem does not end here as for the ATM’s to dispense Rs. 200 notes they have to be upgraded and that is a costly affair. The author concludes that to increase confusion RBI is about to issue new Rs. 10 notes while making it unclear whether the old currency would be in value or not and in this phase of ever-changing currency it would eventually drive us towards insanity.

 

Article Link: Click here to read the full article

 

 

Words to learn from this Article:

Maniac: a person exhibiting extremely wild or violent behaviour

Seize: take hold of suddenly and forcibly

Slush: excessive sentiment

Recalibrate: adjust (experimental results) to take external factors into account or to allow comparison with other data again

Confound: cause surprise or confusion in (someone), especially by not according with their expectations


 

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