Clinging to hope that notes will be exchanged

Indian paramilitary soldiers stand guard as people wait in a queue to deposit and exchange discontinued currency notes outside a bank in New Delhi, India, Wednesday, Nov. 16, 2016. This is just one bank, in one city, in a country of 1.3 billion people, millions of them increasingly desperate for cash amid a chaotic government effort to crack down on corruption by banning high-denomination currency notes. Last week, Prime Minister Narendra Modi abruptly announced in a nighttime TV address that all 500- and 1,000-rupee notes, worth about 7.50 and 15, would be withdrawn immediately from circulation, a move designed to fight corruption and target people who have acquired immense hoards of cash to avoid paying taxes. (AP Photo/Altaf Qadri)

I MUST say Indian Prime Minister Narendra Modi is a bold and visionary leader. His move to crack down on black money was fraught with political risks but he pressed ahead anyway.

The Indian Government announced the demonetisation of the 500 rupee and 1000 rupee notes on Nov 8 last year and set Dec 30 2016 as the deadline for exchanging these notes for new tender in 500 and 2,000 rupee denominations at banks or post offices.