India is the third-largest economy in the world, in terms of purchasing power parity (PPP). Hence the recent announcement by its Prime Minister about the demonetization of Rs. 500 and 1000 notes sent shock waves and left experts speculating.

This is not the first time that a country has walked the demonetization path. Several countries across the world have tried Demonetisation – i.e., discontinuing existing currency and introducing new currency as a replacement. This is done to counter hoarding of black money, and widespread circulation of counterfeit notes that eat into the economy. However, these times can be trying for both, the government and the people.