Black money held in cash in the form of 500, 1000 rupee notes will be rendered worthless after December 30, 2016. Black money hoarders will be forced to find new and innovative ways to stash ill-gotten wealth. Nearly 16 billion Rs 500 notes and 6 billion Rs 1000 notes are in circulation currently. The discontinuing of 500 and 1000 rupee notes, which constitute 84 per cent of all currency notes in circulation, has led to banks and ATMs across India shutting down for 2 days to put this into effect. RBI will have to bear a cost in excess of Rs 10,000 crore to print fresh Rs 500 and Rs 2,000 notes to replace the existing Rs 500 and Rs 1000 notes.

Source: India Today November 08, 2016 17:48 UTC