That the demonetisation idea was whimsical is well established. But economic damage of demonetisation aside, I also worry deeply about a creeping culture of erosion of institutions and their credibility. Overriding institutions, circumventing consensus, and haste are what made the demonetisation decision possibleIndia’s demonetisation saga is also a saga of institutions and their entrenched place in our society. The demonetisation decision was an impingement on RBI’s institutional authority. It is indeed time to move on from demonetisation but not move away from institutions, procedures and processes.

Source: Mint November 07, 2017 01:41 UTC