What will India's demonetization policy mean for brands?
On November 8 2016, India's Prime Minister Narendra Modi stunned Indians with a nationwide address, where he announced that 86% of the nation's cash value, comprising Rs. 1000 and Rs. 500 notes, were being "demonetized" from midnight that same day.
Modi argued that this surprise initiative was a fight against the menaces of 'black money' or untaxed income: most of the cash being hoarded by everyday Indians was of these denominations, and as much as 10% of currency notes in circulation were suspected to be fraudulent.
For Modi, demonetization is...