Demonetization in India - 2016

Broadly enjoying a nation-wide support, the demonetization of the 500 & 1000 rupee notes by the Government of India with effect from Nov. 9 2016 will surely count as one of the watershed moments in the annals of Indian economy. Given below is the official notification that contained this announcement.

http://finmin.nic.in/172521.pdf

Without a doubt its a bold move, one that was perhaps long overdue. I do hope that in the near to long term the citizens of India reap the benefits of this move with regards to its stated objectives of curbing the ills caused by counterfeit (fake) currency notes; unaccounted wealth and subversive activities such as drug trafficking and terrorism financing. Needless to say, to realize these objectives and its benefits, it will take a huge collective effort in implementing and sustaining it in the manner intended. One can be confident though about its prospects, given the large amount of goodwill and support it has found amongst the masses!