The FICN-Black money twine
It is a myth to assume that the black money keepers will be impacted by this move. Except the ones who have the hauls, which tactically implies the government officials who stockpile the bribe money in cash under their beds, inside the mattresses, inside the pillow , and so.
The real black money keeper have it in their bank accounts abroad, which is put into buisness investments through a *layering network of stakeholder companies*. The Transparency International, the NGO dealing in anti-corruption crusade, has explained the technique many times, but received only by those who have a genuine interest , not a mere political "lip service" interest.
Infact the indicators of closing down the notes were up there much in advance. It is just the timing and the good number of denomination which were missing. Even in that, the sword hanging over the Rupess 500 denomination due to the large FICN menace was so much visible.
A good intentioned government would not have emitted the indicators either, even if their agenda really were to check the stocking in the form of cash. Ofcourse why else the "friends of the government" were rather given ample time and opportunity to make the necessary amends. This way the only people caught in the trap would be "the officials"(government and so). On top of it, this trap is a mere unintended by-product of an action aimed with the other primary objective -- to put a check over the FICN .
The term "Black money" is a connotation referring to the various forms of the ill-gotten money. It includes in it the 1)Bribe Money, 2)the money received from illegal businesses as Extortion, Gambling, Prostitution, Drug peddling, and so; and then 3) those business or professional incomes which have not been declared for taxation purposes.
The corrupt governments have the penchant for confusing around the various inclusions of the terms, so that the people may be quietened through the half hearted measures taken by them. Celebrations and jubilation help earn the 'vote banks'.