Modi move a huge blow to purchasing power, may backfire on PM: Swaminathan Aiyer

In a chat with ET Now, Swaminathan Aiyer, Consulting Editor, ET, says there will be some people with black money who will be trapped but there is going to be huge distress on the behalf of lots of ordinary common people holding Rs 500 and Rs 1000 notes who will suddenly find they cannot use them.

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Why govt’s demonetisation move may fail to win the war against black money

The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data.

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