Crackdown of Shell Firms: The Only Short-Term Positive Impact of Demonetization
On 8 November 2016, the Prime Minister unexpectedly scrapped Rs. 500 and Rs. 1,000 notes - accounting for 86% of cash, to what he tagged as the step to scrap-out black money and fake currency in the system. The primary aim was to retrospectively punish the tax evaders, fight counterfeiters, and stop terror financing activities. But unexpectedly almost all the bank notes were deposited in the bank accounts.