Prime Minister, Narendra Modi’s announcement withdrawing Rs 500, Rs 1,000 notes from public use is arguably the biggest-ever crackdown India has seen on black money hoarders and fake currency dealers.
The crackdown practically offered no time for those with the cash to think of alternative plans. Thanks to the power of social media, to use a cliché, the news spread like wildfire leaving no room for the wrongdoers to get rid of the unaccounted cash. The approaching days will be even more difficult for them. The new series of Rs 500, Rs 2,000 notes from RBI with extra security features will be released soon, making the old lot redundant.
Modi’s smart step is even more significant given that it has also broken the back of fake currency racket thriving in the country.