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The Big Reverse: How Demonetization Knocked India Out
8 November 2016 was a black swan event in Indian history. At one stroke, 86 per cent of the currency in circulation was demonetized, causing confusion, chaos and endless misery to the common Indian. While the Modi government claimed that it was the silver bullet that India needed to eliminate many of its longstanding problems such as black money, corruption, tax evasion and terror funding, the months that followed proved it otherwise. The return of 99.7 per cent of the banned 500 rupee and 1,000-rupee notes showed that the RBI's idea of Demonetization Dividend was nothing but a mirage. In the process, livelihoods of millions in the informal sector were destroyed, causing enormous distress to farmers and, traders and forcing many micro, small and medium businesses into bankruptcy. One of India's most respected bankers, Meera H. Sanyal provides the most comprehensive analysis of the policy, its execution and pitfalls. The Big Reverse presents unprecedented insights backed by data, history and research. And as a result, answers the questions that still continue to haunt Indians, on the what, why and how of demonetization.
216 pages, Kindle Edition
First published November 1, 2018
23 people are currently reading
124 people want to read
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Displaying 1 - 13 of 13 reviews
October 12, 2019
Many called it 'masterstroke'. Some attacked it as, 'the single most brutal assault to property rights in Indian history'. Most agreed that it had been poorly executed. All, except few, economists termed it as unnecessary act which caused much pain with very little to no gain. Opposition parties went to street for it. Ruling party cherished the move as a surgical strike on black money, terrorism and corruption. Some supporters called for Nobel prize (Economics or Peace, doesn't matter) for Modi ji, who claimed that the decision (if not the idea) was his (of course, RBI need to be blamed for poor execution). Many people lost business, jobs, livelihoods for this move. Some lost lives. Many suffered physical and mental hardships. Our resilient middle class accepted the suffering for the greater good - a satisfaction from the mental perspective ( no ground level evidence, though) that the corrupt suffered more than them.
Whatever your opinion could be, Demonitization was one of the most interesting, both funny and painful at the same time, events in our lifetime.
Meera Sanyal, a successful career banker and a newbie politician, was prominent in TV discussions during the initial days of 'demonitization' and I found her voice amongst the reasonable ones (probably, her opinions confirmed my bias). In this book, she has elaborated her points that how 'demonitization' was not only shoddy in execution, but also historically how it has always been proven to be a bad idea that could rarely achieve the intended results. This book is full of statistics and data for the last two years of post demonitization, that substantiates her stand that this move has failed from the word 'go'.
Hopefully this book would act as a deterrent for future governments to take such kind of drastic dramatic steps.
Additionally, I had expected a chapter or two that could have explained in detail the working model of RBI and other financial institutions in India, how Indian formal and informal economy work, and some suggestions of how to handle corruption/black money, etc.
Whatever your opinion could be, Demonitization was one of the most interesting, both funny and painful at the same time, events in our lifetime.
Meera Sanyal, a successful career banker and a newbie politician, was prominent in TV discussions during the initial days of 'demonitization' and I found her voice amongst the reasonable ones (probably, her opinions confirmed my bias). In this book, she has elaborated her points that how 'demonitization' was not only shoddy in execution, but also historically how it has always been proven to be a bad idea that could rarely achieve the intended results. This book is full of statistics and data for the last two years of post demonitization, that substantiates her stand that this move has failed from the word 'go'.
Hopefully this book would act as a deterrent for future governments to take such kind of drastic dramatic steps.
Additionally, I had expected a chapter or two that could have explained in detail the working model of RBI and other financial institutions in India, how Indian formal and informal economy work, and some suggestions of how to handle corruption/black money, etc.
December 26, 2018
Name- The Big Reverse: How Demonetization knocked India out
Written By- Meera H. Sanyal
Published by- HarperCollins
Pages- 226
Review-
On 8th November 2016 the whole country witnessed a phenomenon known as Demonetization.
While every citizen of India knew about the currencies of 1000 and 500 which were banned henceforth and new currency notes being printed and launched, several particulars about the entire process was not clear.
Demonetization affected every citizen of the country irrespective of their occupation. Yet, most of us were unaware about the steps that were taken and the reason behind them.
With The Big Reverse, Meera H. Sanyal throws light on the important issues of demonetization, the whole affair, and most importantly the justification behind this..or whether it was really necessary or not.
The book also talks about India's economy and some important facts like how other countries dealt with demonetization and how this wasn't the first time demonetization happened in India.
Overall the book was an informative one. The way in which the author dissected the whole affair of demonetization is admirable.
Written By- Meera H. Sanyal
Published by- HarperCollins
Pages- 226
Review-
On 8th November 2016 the whole country witnessed a phenomenon known as Demonetization.
While every citizen of India knew about the currencies of 1000 and 500 which were banned henceforth and new currency notes being printed and launched, several particulars about the entire process was not clear.
Demonetization affected every citizen of the country irrespective of their occupation. Yet, most of us were unaware about the steps that were taken and the reason behind them.
With The Big Reverse, Meera H. Sanyal throws light on the important issues of demonetization, the whole affair, and most importantly the justification behind this..or whether it was really necessary or not.
The book also talks about India's economy and some important facts like how other countries dealt with demonetization and how this wasn't the first time demonetization happened in India.
Overall the book was an informative one. The way in which the author dissected the whole affair of demonetization is admirable.
January 24, 2019
❤The Big Reverse By Meera H. Sanyal❤
Genre: Finance, non-fiction
Publisher: Harper Collins
.
Introduction: 8 November 2016 was a black swan event in Indian history. At one stroke, 86 per cent of the currency in circulation was demonetized, causing confusion, chaos and endless misery to the common Indian. While the Modi government claimed that it was the silver bullet that India needed to eliminate many of its longstanding problems such as black money, corruption, tax evasion and terror funding, the months that followed proved it otherwise. In the process, livelihoods of millions in the informal sector were destroyed, causing enormous distress to farmers and, traders, etc.
.
My Opinion: I picked this book as soon as I saw it lying lazily on my shelf. We all know how demonitization has bought a drastic change into our life 2016, the rich people were happily in their houses & the midle class people were standing in a long unending queue. People didn't have even the money to spend during emergency. Well, this book focuses on everything & bring out several truths which are really important to know. Most of the book is in a format of a report rather than a plot or storyline. The book is short & interesting only if one is curious to know the why behind everything. If you are a finance lover or just wishes to know the entire Ramayana behind the Modi government demonitization thing & it's effects then this book is a perfect pick. The cover is perfect & the title is catchy.
.
Pros: Initially, the author shares the inner secrets & represents them beautifully. Without hurting the reader's feelings she tries to explain her point with proof. After reading the book I actually got to know alot of things which are necessary to be known to every Indian. The book is informative. Language is moderate & descriptive. I do recommend it.
Cons: It requires alot of patience to read it, the book is more on informative side, rather being entertaining.
Rating: 4🌟
Genre: Finance, non-fiction
Publisher: Harper Collins
.
Introduction: 8 November 2016 was a black swan event in Indian history. At one stroke, 86 per cent of the currency in circulation was demonetized, causing confusion, chaos and endless misery to the common Indian. While the Modi government claimed that it was the silver bullet that India needed to eliminate many of its longstanding problems such as black money, corruption, tax evasion and terror funding, the months that followed proved it otherwise. In the process, livelihoods of millions in the informal sector were destroyed, causing enormous distress to farmers and, traders, etc.
.
My Opinion: I picked this book as soon as I saw it lying lazily on my shelf. We all know how demonitization has bought a drastic change into our life 2016, the rich people were happily in their houses & the midle class people were standing in a long unending queue. People didn't have even the money to spend during emergency. Well, this book focuses on everything & bring out several truths which are really important to know. Most of the book is in a format of a report rather than a plot or storyline. The book is short & interesting only if one is curious to know the why behind everything. If you are a finance lover or just wishes to know the entire Ramayana behind the Modi government demonitization thing & it's effects then this book is a perfect pick. The cover is perfect & the title is catchy.
.
Pros: Initially, the author shares the inner secrets & represents them beautifully. Without hurting the reader's feelings she tries to explain her point with proof. After reading the book I actually got to know alot of things which are necessary to be known to every Indian. The book is informative. Language is moderate & descriptive. I do recommend it.
Cons: It requires alot of patience to read it, the book is more on informative side, rather being entertaining.
Rating: 4🌟
March 28, 2019
One of the best accounts of the demonetisation saga available, along with Arun Kumar's . Quite a dry read with a lot of tables and statistics but it captures both the weak theoretical foundations of demonetisation as a policy as well as its faulty implementation. Particularly good on recording the outsized claims made by the Modi govt from the PM downwards and carefully measuring them against the empirical evidence to see whether demonetisation had achieved its aims or not.
November 12, 2018
Not a very interesting read. It is more like a report with the author citing the views of various stakeholders, news reporting and figures from various sources. With the author having a diverse background in the banking sector I was expecting to read about her take on what happened instead of a report on the factual report. The book is good for people who did not experience demonetisation first hand (NRI and foreign nationals) but for people who went through the experience just a few years ago I would not recommend it.
December 22, 2018
This book gives the factual data on pre and post demonitisation drive. Jobs creating , investment , GDP and GVP growth , real estate growth are analysed by tables and interviews by previous governors and famous economist is discussed. The past demonitisation in 1948 and 1978 is discussed. Demonitisation in other countries like ghana , australia , myanmar etc is discussed.
January 27, 2019
The book is a collection of articles and numbers. It's no way meant to be a literary masterpiece. Though it certainly has some facts, the author is baised and chooses to pick only those facts which supports her view. She appears to be just like her party leader who points out others mistakes, but has no remediation plan. " Holier then thou"
June 9, 2025
I still remember 8th November 2016 as I was in Dubai at that time when the Indian PM Narendra Modi surprised everyone by rendering 86% of cash useless overnight announcing demonetization of Rs 500 & Rs 1000 notes. The next day, I could see visible panic amongst some Indians I came across such as I went to an Indian restaurant and the anxious cashier left me at the counter while he went out on a phone call talking to someone about exchanging the old banknotes.
The rationale behind this decision was to target black money, counterfeit banknotes and terror financing. However, this decision unleashed a Kafkaesque nightmare on the common people irrespective of their employment status, age, health issues and any other commitments had to queue up in long lines outside the banks to exchange their defunct banknotes. Interestingly enough, no bloated capitalists and feudal were seen in those lines as such. This also put the local banking staff under the pump as they had to heavily overwork. This also negatively impacted the trust on the central bank i.e. the Reserve Bank of India (RBI) that people started calling it Reverse Bank of India.
I often ask Indians in my friend circle what did they think of this decision, and I have never really gotten a convincing answer aside from recalling it as hard times and it is of course futile to ask BJP or Modi supporters therefore, I had to look for some book that would critically analyse his decision. A quick Google search led me to this well-researched book by an accomplished Indian banker, the late Meera Sanyal.
In this book, she provides readers with a chronology of events, how the common working-class people suffered, critically examines the underpinning reasons given by the PM. Consequently, she convincingly refutes them by backing up her arguments by providing robust data obtained from RBI, other banks and the governmental bodies. She also gives a brief history of demonetization and where it has been disastrous and successful. Furthermore, she also dispels the myths of black money and informal economy by examples that would make one think especially on the interaction of both the black and the white economies.
I was expecting that she would bring up Anil Bokil of Anarthakranti think tank that presumably gave idea of demonetization to PM Modi. To my surprise, there is not a single mention of him anywhere in the book. Nevertheless, this is an important book to read and understand this debacle of demonetization in India and how an ill-informed policy can affect the whole country so badly.
The rationale behind this decision was to target black money, counterfeit banknotes and terror financing. However, this decision unleashed a Kafkaesque nightmare on the common people irrespective of their employment status, age, health issues and any other commitments had to queue up in long lines outside the banks to exchange their defunct banknotes. Interestingly enough, no bloated capitalists and feudal were seen in those lines as such. This also put the local banking staff under the pump as they had to heavily overwork. This also negatively impacted the trust on the central bank i.e. the Reserve Bank of India (RBI) that people started calling it Reverse Bank of India.
I often ask Indians in my friend circle what did they think of this decision, and I have never really gotten a convincing answer aside from recalling it as hard times and it is of course futile to ask BJP or Modi supporters therefore, I had to look for some book that would critically analyse his decision. A quick Google search led me to this well-researched book by an accomplished Indian banker, the late Meera Sanyal.
In this book, she provides readers with a chronology of events, how the common working-class people suffered, critically examines the underpinning reasons given by the PM. Consequently, she convincingly refutes them by backing up her arguments by providing robust data obtained from RBI, other banks and the governmental bodies. She also gives a brief history of demonetization and where it has been disastrous and successful. Furthermore, she also dispels the myths of black money and informal economy by examples that would make one think especially on the interaction of both the black and the white economies.
I was expecting that she would bring up Anil Bokil of Anarthakranti think tank that presumably gave idea of demonetization to PM Modi. To my surprise, there is not a single mention of him anywhere in the book. Nevertheless, this is an important book to read and understand this debacle of demonetization in India and how an ill-informed policy can affect the whole country so badly.
December 3, 2020
The Big Reverse gives you a sequential and systematic breakdown of the event and answers the following-
- How demonetization was done?
- The Role of Central bank RBI
- The previous occasions when demonetization was done, why it was done? how it was done? and its impact.
- How this demonetization was poorly thought of badly implemented?
- What was immediate effect on the common people of India?
- What are the broader impact of it on the economy?
- And finally, did we achieve the goals as stated by prime minister Mr. Narendra Modi?
The book provide you data on all the above points and tries to find out an economic logic behind the decision and its poor execution. While reading the book, the readers will remember the three-four months of sheer chaos. Every other day there was a new notification from the RBI or the government regarding the withdrawal or deposit of money in the banks. For months the poorest of the poor in India have suffered due to a bad economic policy decision of the government.
I found the last section of the book -Demonetization report card most important. While announcing the Demonetization PM Modi sighted three main Goals:
1) Flushing out Black Money
2) Rooting out corruption
3) Fighting Terrorism by rendering the counterfeit notes useless
And there was a fourth goal was added by PM after couple of weeks was
4) Moving to a Digital and Cashless India
The last chapter validates each of the goals stated by PM and some other as stated by Finance Minster and other ministers in the government. Backed by data the author establishes how none of the goals as stated by the Prime Minister and the government is achieved by the demonetization.
American economist Milton Friedman said, “The government solution to a problem is usually as bad as the problem.” After reading the book you will appreciate the said quote by Friedman. A very well written and easy to read book to get an understanding about demonetization and its impact.
- How demonetization was done?
- The Role of Central bank RBI
- The previous occasions when demonetization was done, why it was done? how it was done? and its impact.
- How this demonetization was poorly thought of badly implemented?
- What was immediate effect on the common people of India?
- What are the broader impact of it on the economy?
- And finally, did we achieve the goals as stated by prime minister Mr. Narendra Modi?
The book provide you data on all the above points and tries to find out an economic logic behind the decision and its poor execution. While reading the book, the readers will remember the three-four months of sheer chaos. Every other day there was a new notification from the RBI or the government regarding the withdrawal or deposit of money in the banks. For months the poorest of the poor in India have suffered due to a bad economic policy decision of the government.
I found the last section of the book -Demonetization report card most important. While announcing the Demonetization PM Modi sighted three main Goals:
1) Flushing out Black Money
2) Rooting out corruption
3) Fighting Terrorism by rendering the counterfeit notes useless
And there was a fourth goal was added by PM after couple of weeks was
4) Moving to a Digital and Cashless India
The last chapter validates each of the goals stated by PM and some other as stated by Finance Minster and other ministers in the government. Backed by data the author establishes how none of the goals as stated by the Prime Minister and the government is achieved by the demonetization.
American economist Milton Friedman said, “The government solution to a problem is usually as bad as the problem.” After reading the book you will appreciate the said quote by Friedman. A very well written and easy to read book to get an understanding about demonetization and its impact.
February 6, 2019
Book Name: The Big Reverse: How demonetization knocked India Out.
Author: Meera. H. Sanyal
Publisher : Harper Business
My review:
While the demonetization took place in India in the month of November 2016 there was a lot of buzz created whether it's going to be a financial hit or not. Alot of people were against it and a few angry citizens even protested against it. However since I being a Modi fan, I was in the support side and I still am. Though it would had given a little trouble to the public while the implementation process, it has a long term effect. Meera.H.Sanyal is one of the India's most respected bankers and has written this book as to let people know the indeptness of the demonetisation that took place. The book acknowledges us about who was the mastermind behind the idea, the committee that was formed to implement this, the thought process that had undergone to eradicate black money.
However as everything has its pros and cons demonetization too had its cons.
The public in general had to suffer by standing in long queues apart from that farmers suffered on the hands of insufficient knowledge about the local banks.
The book gives us insight into the praises and the criticism of the other governors of the RBI and even other highly educated people regarding demonetization.
The book really shows us why the RBI was called the Reverse bank instead of the Reserve Bank while the demonetization took place.
A must read.
Author: Meera. H. Sanyal
Publisher : Harper Business
My review:
While the demonetization took place in India in the month of November 2016 there was a lot of buzz created whether it's going to be a financial hit or not. Alot of people were against it and a few angry citizens even protested against it. However since I being a Modi fan, I was in the support side and I still am. Though it would had given a little trouble to the public while the implementation process, it has a long term effect. Meera.H.Sanyal is one of the India's most respected bankers and has written this book as to let people know the indeptness of the demonetisation that took place. The book acknowledges us about who was the mastermind behind the idea, the committee that was formed to implement this, the thought process that had undergone to eradicate black money.
However as everything has its pros and cons demonetization too had its cons.
The public in general had to suffer by standing in long queues apart from that farmers suffered on the hands of insufficient knowledge about the local banks.
The book gives us insight into the praises and the criticism of the other governors of the RBI and even other highly educated people regarding demonetization.
The book really shows us why the RBI was called the Reverse bank instead of the Reserve Bank while the demonetization took place.
A must read.
April 26, 2020
A comprehensive evaluation of the 2016 demonitization exercise in India to understand the idea and success of the event that impacted over a billion souls in India. The comparison is done with regards to similar exercises performed by various other countries, and even within India, in the past. The factual evaluation with regards to the goals, based on which the exercise was initially sought, provides a good criteria to measure the futility of the effort which most of the population had to undergo, just to get back to normal (and not everyone was this lucky). The author uses supporting facts and real stories effectively to enable the reader grasp the effectiveness of the complete demonitization process, and who lost or gained from it, and if it was really worth it.
November 12, 2023
The book may not be interesting one for those who hate data. Because the book is full of data, tons of data. This book is a hard slap for the supporters of demonetization. It used the publicly available data and slapped hard on the face of the government. It gave a very good insights of the impact of demonetization into the macro economy and how it turned the lives of rural economy into ashes overnight. I wish the government can answer the questions raised in this book. Must read book for all those interested in demonetization.
October 28, 2019
A great book , written in simple vocabulary with inclusive charts and figures explaining about demonetization. A good book for anyone who wants to know in detail about the demonetization with facts.
Displaying 1 - 13 of 13 reviews