Demonetization – RBI – Government Of India v/s Dalal Street

November 8, 2016, was the historic day when the Prime Minister of India – Mr Narendra Modi announced a 50-day drive towards demonetization of the already printed old Rs. 500 and Rs. 1000 currency notes effectively from midnight of that date. The demonetization drive was basically put in action to end the fake currency circulation of the high denomination notes in the Indian economy and as a strict measure against the parallel or black economy. Since the announcement of the demonetization, people holding a huge chunk of black money have been finding innovative ways to safeguard their wealth. Some seem to have found out ways to safeguard a substantial part, while others chose to declare their wealth and bear the fines.