The peoples faith in the currency and in the banking system is suffering.

If demonetization does not

deliver on the promises made by the Modi government, black money will simply return within the next five
years and the credibility of the seemingly infallible man himself may suffer.

[i] Mr Baniya, PM Modi Notes Banned 500, 1000 Narendra Modi Speech. 8.nov.2016, YouTube, posted
November 8. 2016. https://www.youtube.com/watch?v=Hkt6uxjbzJg.

[ii] Harish Damodaran, Are banks equipped to replace Rs 2,300 crore pieces of Rs 500 and Rs 1,000
notes?, The Indian Express, November 9, 2016. http://indianexpress.com/article/opinion/web-
edits/rs-500-rs-1000-notes-are-banks-equipped-to-replace-1874-crore-pieces-of-notes-
4364746/.

[iii] Black Money refers to undeclared, unaccounted and often illegally acquired money.

Frequently Asked Questions: Withdrawal of Legal Tender Character of the existing Bank Notes in the
denominations of 500/- and 1000/-, Reserve Bank of India, updated November 25,
2016. https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119.

[iv] Harish Damodaran, Are banks equipped to replace Rs 2,300 crore pieces of Rs 500 and Rs 1,000
notes?, The Indian Express, November 9, 2016. http://indianexpress.com/article/opinion/web-
edits/rs-500-rs-1000-notes-are-banks-equipped-to-replace-1874-crore-pieces-of-notes-
4364746/.

[v] National Consortium for the Study of Terrorism and Responses to Terrorism (START), Global
Terrorism Index 2016, Institute for Economics & Peace: p.
10. http://economicsandpeace.org/wp-content/uploads/2016/11/Global-Terrorism-Index-
2016.2.pdf.

[vi] Seema Mody and Ted Kemp, India abolished larger notes in fight against graft, black
money, CNBC, November 8, 2016. http://www.cnbc.com/2016/11/08/india-abolishes-larger-
banknotes-in-fight-against-graft-black-money.html

[vii] Asli Demirguc-Kunt, Leora Klapper et al, The Global Findex Database 2014: Measuring Financial
Inclusion around the World, World Bank,
2015. http://documents.worldbank.org/curated/en/187761468179367706/pdf/WPS7255.pdf#
page=3.

[viii] Saloni Shukla, Delhi, Mumbai run out of cash as focus turns to rural areas, Economic
Times November 25,
2016. http://economictimes.indiatimes.com/industry/banking/finance/banking/demonetisation
-bank-branches-in-delhi-mumbai-run-out-of-cash-as-focus-turns-to-rural-
areas/articleshow/55608981.cms.

[ix] The volatility in the gold market was further exacerbated by news of the American president-elect.

Madhura Karnik, One week of demonetization in India: the good, the bad and the ugly, Quartz,
November 14, 2016. http://qz.com/836378/t/492437

[x] Correspondent, Demonetization effect: Jan Dhan account deposits spike to Rs 21,000 crore, DNA
India, November 23, 2016. http://www.dnaindia.com/money/report-demonetization-effect-jan-
dhan-account-deposits-spike-to-rs-21000-crore-2276303