Impact of Indian Government's decision to demonitize 500 and 100 Rupee notes

In a much applauded move Prime Minister Narendra Modi’s government decided to “kill” the 500 and 1000 rupee notes. Some of the notes in circulation were supposedly fake and some of it used to fuel the underground economy (a.k.a “black money” )

“Brothers and sisters, to rid this country of the termite-like corruption and black money, it has become essential to take one more tough step. Starting midnight tonight, that is, on the midnight of November 8, 2016, the current currency notes of denominations of rupees 500 and rupees 1,000, will no longer remain legal tender. These currencies will become legally invalid.”

Read rest of the special feature, including impact on NRIs in our special section (link)

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