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Demonetisation_ A constitutional law expert explains why the Narendra Modi government can't stop Indians from accessing their money — Quartz.pdf
Why the Narendra Modi government can't stop Indians from accessing their money — Quartz
(2016)
Abstract
In the late hours of November 8, Prime Minister Narendra Modi plunged India into an economic unknown. He unveiled a monetary experiment without historical parallels. Overnight, 86 percent of all Indian currency notes became illegal tender. The million haggles, motley exchanges and many handshakes that motor India’s economy screeched to a halt. Cash disappeared.
The demonitisation move came with strict limits on cash withdrawals. Banked citizens abruptly had their accounts restricted. Income, lawfully earned, taxed, and deposited, was fenced out of reach. Individuals, for now, are limited to rupees 24,000 (USD 350) a week, and businesses, big and small, max out at rupees 50,000 (USD 730). But even retrieving this is laborious and, at times, fatal. Long queues snake out of bank branches, and dozens have reportedly died waiting their turn. As many seethed against the odd fiats and their even application, the government responded with tweaks: The to-be-marrieds, farmers, and few others may now access larger, but still measly, sums. India is on a cash diet.
Is the diet – this rationing – lawful?
Keywords
- Demonitisation; Narendra Modi; RBI; right to property; Constitution; India
Disciplines
Publication Date
Winter December 1, 2016
Citation Information
Shubhankar Dam. "Demonetisation_ A constitutional law expert explains why the Narendra Modi government can't stop Indians from accessing their money — Quartz.pdf" Why the Narendra Modi government can't stop Indians from accessing their money — Quartz (2016) Available at: http://works.bepress.com/shubhankar_dam/50/