On 8 November 2016, the Government of India announced the demonetisation of all ₹500 (US$7.80) and ₹1,000 (US$16) banknotes of the Mahatma Gandhi Series. The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and. Understanding The Black Economy And Black Money In India [Arun Kumar] on Amazon.com. *FREE* shipping on qualifying offers. Powerpoint 2004 Free Download For Mac. The Narendra Modi government's sudden demonetization of `500 and `1, 000 notes in November 2016 failed to put a dent in the black economy but caused untold hardship to hundreds of.