History repeats itself... Not many will remember the first post-independence (1954) demonetisation of 10000, 5000 & 1000 rupee notes (no 500 notes then)... Like Aladin's chirag (magic lamp), the then Jawaharlal Nehru government said "get new for old!"
Sackfuls were thrown into the sea or dumped at odd places. Bars saw people lighting up tobacco rolled in 10000 rupee notes. Beggars were showered with such notes. Blitz of Russi Karanjia ran reams of marvelous pix and stories.
Demonetisation of 10000 & 1000 rupee notes first happened in 1946. After sucking the country dry for 200 years, and allowing unbridled profit mongering and hoarding during the Second World War (during which more a million people died in famine stricken Eastern India), the conscious of the White Man suddenly became burdened.
Morarji Desai -- another Gujarati PM -- did it again in 1978. That was in keeping with his self-inflicted austerity image (undoubtedly aided by his urine imbibing health drive) and some judicious politicking against Indira Gandhi's Emergency impact when certain coteries flourished -- just as now!
Everytime the reason was to curb corruption and end black money's parallel economy. So what's new this time! As the French say: The more it changes, the more it remains the same!
Sackfuls were thrown into the sea or dumped at odd places. Bars saw people lighting up tobacco rolled in 10000 rupee notes. Beggars were showered with such notes. Blitz of Russi Karanjia ran reams of marvelous pix and stories.
Demonetisation of 10000 & 1000 rupee notes first happened in 1946. After sucking the country dry for 200 years, and allowing unbridled profit mongering and hoarding during the Second World War (during which more a million people died in famine stricken Eastern India), the conscious of the White Man suddenly became burdened.
Morarji Desai -- another Gujarati PM -- did it again in 1978. That was in keeping with his self-inflicted austerity image (undoubtedly aided by his urine imbibing health drive) and some judicious politicking against Indira Gandhi's Emergency impact when certain coteries flourished -- just as now!
Everytime the reason was to curb corruption and end black money's parallel economy. So what's new this time! As the French say: The more it changes, the more it remains the same!
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