tizzy. He announced a war on black money with almost immediate demonetization of 500 & 1000 Rupee notes. The arrangement of buying and selling through existing 500 and 1000 notes will not be available. These will be just worthless piece of paper, is how he put it.
Never before in the history of modern world, was
86 % of currency in circulation rendered worthless in a matter of 2-3 hours. And this was done with absolute planning. The decision came out at 9 pm, and the 500 & 1000 notes ceased being a legal tender at 11.59 pm. In this time, the black money hoarders could do precious little to convert it into other assets like gold or other precious metal. While the government would introduced circulation of a completely new
November 2016 33 www. smartgovernance. in