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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (61333)9/21/2018 1:58:07 PM
From: Sultan   of 78747
 
You have to differentiate between what Indian Govt. spins and what a number of more credible and independent Indian sources say what happened with this misadventure..

There are Economists, Money Managers who tweets and analysis of the whole fiasco of putting the public through this exercise (where they recalled two high denomination currency notes with the idea that there was a lot of black money cash out there that will disappear and hence the Govt. will come ahead).. If I manage to find them again, I will post.

Net result was almost all of the currency in circulation including the high denomination got deposited and converted.. Obviously, if there was black money cash, these guys were too smart and ahead of the game to be cornered..

People who suffered were ordinary folks.. Lining up for days to deposit their cash and convert.. A lot of people died, heart attacks and other sufferings.. Whole bunch of small business who do most of their business mostly in cash went under and hundreds of thousands of employees lost their jobs and went back to rural areas from which they had come etc.. So there are economists who question the growth numbers that Indian Govt. puts out.. Don't forget current govt. is now getting close to another election cycle as well..

Obviously, urban areas where the well heeled and professional class lives have resources and connections to come out ok in these situations.. It is the under-privileged, lower middle class, labour, rural populations and the likes are the ones end up paying the price..
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