The announcement threw India's cash-dependent economy into turmoil and triggered a mad rush among people with undeclared, unaccounted cash -- so-called "black money" -- to exchange old notes or use them to buy gold and luxury items. - Cash Coolies -There have been multiple reports of factory owners and businessmen asking staff -- or even hiring casual labourers -- to stand in bank queues and exchange cash for them before the December 30 deadline. - Rolex buying spree -Wealthy Indians rushed to make costly purchases with unaccounted cash soon after Modi's announcement on November 8. - Get gold -Some affluent buyers have reportedly been paying almost twice the market value for gold in old notes. Most of these were advance bookings made using old notes.

Source: Bangkok Post November 20, 2016 08:49 UTC