3. A BILLION INDIANS WHO WERE GETTING
READY TO GO TO BED, THAT NIGHT, WERE
STARTLED, BY SHOCK AND AWE.
A NIGHT OF JUBILIATION FOR MANY, DESPAIR
FOR SOME.
4. ON THE NIGHT OF NOVEMBER 9, 2016, 8PM
IST, INDIAN PRIME MINISTER SHRI.
NARENDRA MODI DECLARED THAT ALL ₹500
AND ₹1000 NOTES WOULD NO MORE BE
LEGAL TENDER AT THE STROKE OF
MIDNIGHT.
13. LACK OF CLARITY ON MAGNITUDE,
DEMOGRAPHICS AND ITS CIRCULATION ADDS
TO THE UNCERTAINTY OF RETRIEVING BLACK
MONEY.
14. ACTIVE BLACK MONEY, IS THE MONEY IN
CIRCULATION. IT HELPS IN ECONOMIC
ACTIVITY, PARTLY.
15. STATIC BLACK MONEY IS THE CASH LOCKED
UP AS CASH IN THE LIKES TRUNKS,
MATTRESSES AND LOCKERS. THE STATIC
MONEY SERVE NO SIGNIFICANT PURPOSE TO
BOOST THE ECONOMY EXCEPT FOR THE
POLITICAL PARTIES AND IS USUALLY USED TO
FIGHT ELECTIONS.
17. MORE ‘STATIC’ BLACK MONEY INTO FORMAL
ECONOMY
THERE IS MORE LIQUIDITY
INFRASTRUCTURE PROJECTS HIGHER
PRODUCTIVITY MORE JOBS AND BETTER
EMPLOYMENT BETTER GDP GROWTH.
18. PENALTIES AND TAXES BOOST TREASURY
BETTER FISCAL CONSOLIDATION
BETTER CURRENCY STABILIZATION GDP
GROWTH.