No rupees left behind

Data on the world’s biggest monetary event of the 21st century—Narendra Modi’s demonetization—continues to trickle in. The Reserve Bank of India’s just published its annual report (pdf) and I’ll just…

The forking of the Indian rupee

This post is about the dismantling of the rupee-zone between 1947-49, an historical event that is especially topical in light of two modern monetary projects: Narendra Modi’s poorly-executed 2016 demonetization…

Demonetization by serial number

This continues a series of posts (1, 2, 3) I’ve been writing that tries to improve on Indian PM Narendra Modi’s clumsy demonetization, or what I prefer to call a…

Earlier this month I criticized the architects of India’s recent note demonetization for not using the traditional overstamping technique for replacing large quantities of banknotes. This week I want to…

Prime Minister Narendra Modi surprised Indians today by announcing that India’s highest denomination notes, the 500 and 1000 rupee, will cease to be legal tender. On first blush, India seems…