"It’s like the PM is cleaning a pond to kill the crocodiles, forgetting that crocodiles can survive even on land. Big crocodiles have survived. Small fish have died." [1]
The immediate reaction of the common man on de-monetization of higher currency notes (followed by replacement with newer ones) was euphoric. A popular thought process was that people can tolerate inconvenience for a few days because it'll invalidate the "black money" [2] and thus rein in inflation, property prices and corruption to some extent. However, the moment this was announced, people have been brazenly finding loop-holes to convert their currency notes through unofficial means. Example : back-dated receipts for expensive items (gold, cars, property), fake accounts, hiring poor folks for conversion via official channels, bulk purchase of coupons / cards for essential items that are permitted to accept older notes, etc..
The immediate reaction of the common man on de-monetization of higher currency notes (followed by replacement with newer ones) was euphoric. A popular thought process was that people can tolerate inconvenience for a few days because it'll invalidate the "black money" [2] and thus rein in inflation, property prices and corruption to some extent. However, the moment this was announced, people have been brazenly finding loop-holes to convert their currency notes through unofficial means. Example : back-dated receipts for expensive items (gold, cars, property), fake accounts, hiring poor folks for conversion via official channels, bulk purchase of coupons / cards for essential items that are permitted to accept older notes, etc..
[1] http://indianexpress.com/article/india/india-news-india/demo...
[2] Untaxed money, undeclared income, ill-gotten money via bribery, fraud etc..