“On the 8th of November 2016, the Government of India demonetised all circulating 500 and 1000 rupee banknotes without warning. This move suddenly invalidated these notes, deeming them unusable in exchange for any goods or service. Instantly, India’s heavily cash dependent economy found itself in an unstable position. In the months following this announcement, over a 100 people died as a consequence.
As a society we quickly memorialise the consequences of human conflict, natural disasters, and even of random acts of violence, but financial collapses and its human toll are often ignored or rendered invisible.
Compiled from press reports, the names of each individual reported to have died as a consequence of demonetisation are embroidered on handkerchiefs sourced from the market. In addition to the names, these handkerchiefs also contain motifs found on the now invalid banknotes. The photographic reproduction of these handkerchiefs enable a document of circulation.
Within this context, A Memorial for the New Economy proposes a publication as a memorial - one that is neither a grand proclamation, nor a fixed monument, but instead a document dependent on systems of distribution, access and exchange.” - Chinar Shah
