Although there have been huge news-making events around the world in the past week, in India, the headlines have been dominated by the government’s decision to immediately demonetise the two largest currency notes in circulation.
Although this is the biggest step taken with the aim of curbing corruption in the past few decades, this isn’t the first time such a measure has been adopted.
In fact, the first time currency notes were devalued in India, was way back in 1978. In January 1978, the government demonetised the Rs. 1000, Rs. 5000 and Rs. 10000 notes. Yes, we had larger denominations too back then.
Legendary cartoonist RK Laxman, who used to regularly make cartoons about social issues, made a cartoon about this too. And when the latest news about devaluing currency came out, the cartoon from 1978 made a comeback on the internet.
It was first shared on Reddit and now people are discussing how relevant it is in today’s times.
The cartoon shows a tiger meant to represent the problem of black money in the country, and depicting how little the measures taken by the government are going to affect it.
Although the cartoon is made in the context of 1978, when the largest denominations formed a very little part of the overall economy, we can never really be sure of the moves taken by the government.