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Narendra Modi in an emergency addressal has declared a ban on the Rs. 500 and Rs.1,000 notes of the Indian Currency. This move is going to have a far-reaching impact on the black money holders. From politicians to real estate, each sector is going to be affected adversely by this step. While, these notes can be exchanged till December 30, with the banks.
The luxury segment will also suffer a huge thrashing. Moreover, all banks and post offices will remain shut on November 9. The Indian economy is going to take a huge turn. A lot of people's black business will fall head over heels, overnight!
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These notes have been introduced as a measure to curb black money circulation.
Are these really "achche din" for all of us? Only time will tell. This is not the time to contemplate, but to think and rack your brains as to where should all the black money be used now?
And the reason being greater transactions in cash. No longer people will accept a large amount of cash.