If not for black money why was demonetisation implemented?

On November 8th, 2016, Prime Minister Narendra Modi announced the bold move of demonetisation banning the currency notes of Rs. 500 and Rs. 1000. But the RBI at 5:30 in its meeting had stated that while the move is commendable, it won’t make much of an impact on the black money that exists in the economy. Then why the move in the first place? Mr. Sujit Nair, Managing Editor of HW News Network, shares his insights on the matter.

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