INDVSTRVSMarch 27, 2017

To curb the menace of black money and terror funding, the Prime Minister of India Narendra Modi announced that INR 500 (AUD10.02) and INR 1000 (AUD20.04) will no longer qualify as legal tender from midnight on 8 November 2016, which made up 86 percent of all rupees in circulation. The country appears to have coped with the initial shock of demonetisation, with the long-term benefits of digital payments being projected as positive.