Modi’s Real Surgical Strike On Black Money

In a surprise move, the government has decided to scrap Rs 500 and Rs 1000 currency notes, starting midnight, Prime Minister Narendra Modi said in a media briefing. The notes in circulation will have to be deposited to banks by the end of December.

While most market participants and economists lauded this as a bold move that will help tackle the problem of black money, others said there may be operational challenges.