Written by Utsav Gandhi
January 12th, 2017
WASHINGTON D.C – As President Barack Obama counts down to his last days in office, the Indian-American community across the nation is engaged in a curious debate. Will President Obama take a cue from his Indian counterpart, Prime Minister Narendra Modi, and de-legitimize (or “de-tender”) $50 and $100 currency notes, overnight and with immediate effect?
Prime Minister Modi gave Indians living in India and abroad until December 31, 2016 to declare their assets and exchange their old currency notes that were no longer valid. This left many Indian-Americans who weren’t planning to travel to India anytime soon in a state of flux.
As opposed to Prime Minister Modi’s intentions, which were to curb corruption and thwart counterfeiters among terrorist organizations, President Obama feels that enacting such legislation right now will be a wonderful opportunity for Mr. Trump to “drain the swamp” right away, a priority the President-elect has been claiming to tackle. The legislation could also allow Trump to prove himself to the almost 3 million voters who placed Hillary Clinton ahead in the popular vote during the presidential election.
One wonders what impact such an action could have on everyday Americans – according to sources, Mr. Trump’s youngest son, Barron, receives multiples of $100 in pocket money on a regular basis.
Trump’s foremost economic advisers, many with former Wall Street ties and corporate experience, declined to comment. Waiting instead for an official word from the President-elect (or, as is more generally known, the daily morning tweet).