In order to target black money, PM Narendra Modi announced that Rs. 500 and Rs 1,000 notes would cease to be legal tender at the stroke of midnight on Nov 8, 2016. The move, however, will not target black money stored in other forms such as gold, jewellery, land, and money put away in offshore tax havens. The government has also said it will introduce new Rs 500, Rs 1,000, and Rs 2,000 notes. How effective is this monetary policy, and will the introduction of new high-value notes create a fresh cycle of black money circulation?

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