Not enough replacement notes were printed in preparation for the upheaval, and it could take months for things to return to normal.
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Prime Minister Narendra Modi handpicked a trusted bureaucrat, little-known outside India's financial circles, to spearhead a radical move to abolish 86 percent of the country's cash overnight and take aim at the huge shadow economy.Modi has staked his reputation and popularity on the move.At a stroke, Modi scrapped money worth 15.4 trillion rupees, equal to 86 percent of cash in Asia's third-largest economy.Modi, in his TV address to the nation, cautioned that people could face temporary hardship as replacement 500 and 2,000 rupee notes were introduced.Over more than a year, Modi commissioned research from officials at the Finance Ministry, the central bank and think tanks on how to advance his fight against black money, a close aide said.For all the planning, Modi and Adhia knew they could not foresee every eventuality, and were willing to move swiftly.New 2,000 rupee notes were hard to come by and barely any new 500 rupee notes had been printed. Some officials in the Finance Ministry had expressed doubts about scrapping high-value notes when the idea came up for discussion. They now feel resentment at the secrecy in which Adhia rammed through the plan on Modi's orders.
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