Do give a review of the book if possible...
Well , I have started reading the book . The author first writes about history of demonetizations done before.
She gives examples of earlier demonetizations in India in 1946 and 1978 . She says that in 1946 the then RBI governor Sir Chintaman Deshmukh had opposed the demonetization. Again in 1978 the RBI governor I G Patel had opposed demonetization.
In 1978 the janata government had already declared in its election manifesto about note ban and hence people were more prepared. But both in 1978 and 1946 only 1000 5000 and 10000 rupee notes were banned . At that time only rich people had these notes and common people were not affected .
She also gives examples of demonetizations in foreign countries like Burma Nigeria Russia Ghana north Korea which were totally unsuccessful. She wonders why modi government didn't learn from this history.
Now she is coming to 2016 demonetization. But I have just begun reading that . She says that the really rich were not affected by note ban . Most of their black money was in swiss banks , gold and property. The ones affected were small and medium traders .
She also gives reason for introduction of 2000 rupee note which made future hoarding of money double easy . She says the large number of notes could not be replaced easily in short time and hence it was decided to pack larger volume of money in 2000 rupee note . So more money cash could be back in the system quickly in smaller number of notes .
Also she asks why new notes were of different size than old notes . That made calibration of ATMs to new size note more lengthy and contributed to shortage of cash in early post demonetization period .
She says that the RBI was forced to accept the decision of demonetization and this started the process of erosion of it's independence. Also she claims that wall street journal says that modi government had raised fears of taking advice from quacks by implementing the decision .
I am writing as I read because later I might forget what I read . Completed only one fourth of the book .