What will happen to black money now that Rs. 500 and Rs. 1000 notes are declared illegal tender?
A critical approach
In my opinion, it might have a very minuscule impact. The reasons are as under
1) cash is not the most popular mode of hoarding black money. Rather, it is kept in the form of gold or property.
2) Those who hold black money, keep them stashed in foreign accounts that are still away from any repercussions.
The most recent and immediately affected will be current cash transactions in a matter of few days. Later on, the introduction Rs.2000 notes might reverse the benefits reaped from this move.
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100% black money can be eradicated...
By blocking unnecessary money which is coming from other nations such as Dubai and all can improve Indian economy...