What is black money ?
This is the right time to understand the definition of black money .
Black money is something which is earned by escaping the legal norms .
But unfortunately this money which was earned with so much of tactics is now of no use at all .
The denomination of 500 & 1000 rs notes in the country resulted the black money in just a piece of paper in overnight .
This black money was earlier making so many problems like terror & overseas non-state funding , illegal arms & ammunition supply , smuggling , child & women trafficking , money power during elections and much more .
But the new currency reforms has set an agenda to combat these problems .
The banking sector will be strengthened as there will be a lot of financial inclusion .
This will also be good for MSME sector as there will be less liquidity in market in short run .
The financial inclusion will result into solving the problem of rising non-performing assets with further interest rate reduction .
Overall , there may be some problems in short run but it is a welcome step towards future .