India in “Good Company” on Demonetisation
We are in “Good Company” on demonetisation. Nine countries demonetized currencies for various reasons.
We are following Pakistan in this too, just as we did in UID / "Aadhaar"!
The countries that demonetized are Soviet Union, just before its collapse, Zaire, Ghana, Nigeria, North Korea, Myanmar, Zimbabwe, Australia, USA, under Nixon in 1969, and Pakistan.
Australia switched over to plastic notes (NOT cards) and coins. Interestingly, Australia printed the old notes in millions and sold these as collector’s items. There was no panic. Sufficient time was given for the change.
Pakistan also did better than us. It decided on 4 Jun 2015 to demonetize, but allowed time until 1 Dec 2016 for this. Again no panic or disruption.
North Korea, Ghana, Nigeria, Myanmar, Zimbabwe and Zaire not exactly examples to emulate.
Nixon too is rather poor choice as one’s ideal.
For those who would like to check on the above here are two links, one an article in the “Economic Times” and the other ‘The Express Tribune’ of Pakistan.