Prime Minister Narendra Modi suddenly announced on 8 November 2016 that all Rs.500 and Rs.1000 currency notes were no longer valid. People were told to get them exchanged for new notes or deposit them in their accounts in banks after providing identity proof. This decision brought India to a halt overnight. Modi who was so keen to get into the Guinness Book of records through mass yoga programmes has established a new world record.. the only Prime Minister who has ensured crores of people queue up for their own money and then are refused it.
Black money; currency notes; demonetization of the Rs. 500 and Rs. 1000 notes
The announcement made by the Prime Minister about the demonetization of the Rs. 500 and Rs. 1000 notes is not going to yield the desired result of unearthing black money. It will have limited effect and is more like political posturing.