You're listening to the Corbett Report.

Corbett Report.

Welcome friends, welcome to another edition of the Corbett Report.

I'm your host James Corbett coming to you as always from the sunny climes of Western

Japan here on this 27th day of January 2017.

Welcome to episode 313 of the Corporate Report Podcast,

Demonatization and You.

On November 8th of last year,

the Indian Prime Minister Norendra Modi made a dramatic live televised

address to the Indian nation in which he announced that as of 12 midnight that very evening,

the 500 and 1,000 rupee notes,

the most common notes by value in the Indian economy,

would no longer be legal tender.

To break the grief of corruption and black money, we have decided that the 500 rupee and thousand rupee currency notes presently in use will no longer be legal tender from

midnight to night persons holding old notes of 500 or 1,000

rupees can deposit this notes in their bank or post office account from 10th November till close of banking hour on 30th December 2016 without any limit.

And just like that all of those colorful pieces of paper in everyone's pocket that everyone uses for transactions on a daily basis,

were just that, colorful pieces of paper with no inherent value.

Now it's important to understand what this move means and what it doesn't mean,

despite what some hyperbolic headlines might have you believe,

this is not about the abolition of cash

outright in the Indian economy or anything quite so dramatic, but it is a dramatic move

...