Modi, who swept to power two and a half years ago, is busy demonetizing his country. The Indian government declared that bank notes in denominations of Rs 500 and Rs 1,000 are no longer legal tender. Those who have the notes have been ordered to take them to the bank to deposit in the accounts. The government has allowed holders of the recalled notes until December 30 to get rid of them. After that deadline, any Rs 500 and Rs 1,000 notes in public hands will be no better than a toilet paper.
The government is rolling out redesigned Rs 500 note and a new Rs 2,000 note to replace the recalled bills.