In response to the 8th November 2016 decision by the Government of India to demonetised existing 500 and 1000 rupee currency notes, the OICSD hosted a panel discussion on impacts of demonetisation on world’s fastest growing economy.
The panel consisted of:
- Prof Matthew McCartney, Director of South Asian Studies, University of Oxford.
- Prof Nikita Sud, Oxford Department of International Development, University of Oxford
- Smit Singh, Student Candidate for MSc in Contemporary India, University of Oxford
- Prof Barbara Harriss-White, Emeritus Professor of Development Studies, Senior Research Fellow, University of Oxford
- Dr Maan Barua (Chair), British Academy Postdoctoral Fellow at the School of Geography and Environment, Oxford, and Early Career Fellow, OICSD.
The panellists discussed the consequences of 86 percent of Indian bank notes no longer being legal tender. Put forward by the Government as an essential move to fight corruption and stop the circulation of fake currency notes, critics are concerned about impacts on individuals most reliant on the cash economy, including the difficulties arising as 1.25 billion people attempt to change currency.