What does the ban of the $500 and $1000 rupee note mean for the Indian economy?

On Tuesday November 8, Narendra Modi, the Prime Minister of India announced that the Indian government will be discontinuing the largest denomination bills in circulation, the ₹500 and ₹1000 rupee notes. These notes represent approximately 86% of the money supply in circulation. This surprise motion caused millions of people to flock to their nearest banks […]