Modi move a huge blow to purchasing power, may backfire on PM: Swaminathan Aiyer

In a chat with ET Now, Swaminathan Aiyer, Consulting Editor, ET, says there will be some people with black money who will be trapped but there is going to be huge distress on the behalf of lots of ordinary common people holding Rs 500 and Rs 1000 notes who will suddenly find they cannot use them.

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Modi’s Big Cash Withdrawal: Too Much Strain With Very Little Gain

On 8 November, I had less than 2 dollars’ worth of valid currency in my pocket to live on. For one day, this placed me below the World Bank’s poverty line, but quite a bit above the one drawn by the Rangarajan Committee.

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