In the line of fire

Modi's shock move exposed a huge mismatch between the demand and supply of new currency notes

With reference to the report, “India pressed ahead with bank note ban despite RBI concerns” (January 21), it’s intriguing that the government “overruled” some well-meaning concerns of the Reserve Bank of India’s central board over quick replacement of the demonetised high-value bank notes, “possible inconvenience to the public for some time”, and the potential consequences of this massive exercise. 

Obviously, Prime Minister Narendra Modi had other ideas. So, he announced the immediate scrapping of Rs 500 and Rs 1,000 notes on November 8 last year. 

But facts speak for themselves. Modi’s shock move exposed a huge mismatch between the demand