India had only 6 to 7 percent of black money in cash, I don't know where is rest + 90 percent. And government targets only 6-7 percent of black money by banning 86 percent of Indian currency in form of 500 and 1000 rupees notes.
The big issue will be here; only 27 percent of Indian villages have a bank within 5kms, rural areas are going to impact more with this as compare to urban India.
And I think those who have a massive amount of “black money” in the form of cash are villagers and lower class and lower middle class people who are living in rural India. Because they are only in difficulty and standing in front of BANKS to exchange their money with new currency.
The big issue will be here; only 27 percent of Indian villages have a bank within 5kms, rural areas are going to impact more with this as compare to urban India.
And I think those who have a massive amount of “black money” in the form of cash are villagers and lower class and lower middle class people who are living in rural India. Because they are only in difficulty and standing in front of BANKS to exchange their money with new currency.