The abrupt move on Nov 9, which was aimed at tackling black money and corruption, left people in shock. The tax amnesty saw $10 billion in declarations of "black money". This was a far cry from the $800 billion in the black system and therefore the decision was made to take a more drastic measure. The property market, a hotbed for "black money", is likely to see a major slowdown. It came out with new 2,000 rupee notes first, only to issue new 500 rupee banknotes four days later.

Source: Bangkok Post November 16, 2016 21:51 UTC