Modi has done a great service to India by banning Rs 500 / Rs1,000 notes

While America counted votes, Indians suddenly started counting notes is the trending story on WhatsApp and social media, close on the heels of Modi sarkar's move to curb the country's black money crisis by demonetising high-value currency notes.

Suddenly, the entire nation which was embroiled in discussing the suicide of ex-serviceman Subedar Ram Kishen Grewal, the Yadav family feud or implications of coming together of political parties for UP polls, has started discussing the implications of the unprecedented move by the Centre to demonetise 500 and 1,000-rupee notes, beginning midnight, November 8.

It would be appropriate to term this move a surgical strike on black money. This surgical strike needs no proof, and hopefully, no one will doubt its effectiveness. This measure has been announced on national TV by no less than the PM himself - and the implications of the move have already started unravelling.

How will new notes help in curbing corruption?@BT_India's editor @ProsaicView shares his views #ITVideo pic.twitter.com/6JUWOJhHeG

— India Today (@IndiaToday) November 9, 2016

The economists will, of course, carry out threadbare analysis of the implications of this genuine surgical strike in due course. This, however, is a commoner's view.

The decision will ensure close to Rs 15-20 lakh crore is pushed out of circulation. This is, so far, the strongest bid to arrest the black money menace and far surpasses the measures of the UPA government to demonetise all high-value currency issued up till 2005.

In the short term, the move may cause some hardship to the public - some prominent political leaders have termed it as a heartless move - but in the long run, this appears to be a sound decision.

As the news spread, large crowds assembled at ATMs across the country. People, however, need money for their daily needs, but they can make only three transactions at ATMs - amounting to only Rs 400 each, as Rs 500 and Rs 1,000 notes can no longer be used.

Those who earn daily wages, save small amounts on a regular basis and do not hold bank accounts will find it difficult to manage every day expenses. Although, small amounts can be deposited anywhere at banks and post offices with valid ID proof, many wage-earning Indians do not even have such ids.

Also, for exchanging amounts over Rs 4,000, a bank account is essential. Our domestic help, who had saved a few thousands rupees over the last few months for her visit home, suddenly finds her plans in jeopardy. She doesn't have a bank account and is agonising over how her hard-earned money will be recouped.

An average Indian like me who generally keeps only a few thousand rupees at home for daily expenses and contingencies is busy planning how to exchange these notes and dreading the prospects of standing in serpentine queues to exchange the comparatively small change.

It being the wedding season, some difficulties are apprehended because several payments are made in cash and people do not have sufficient 100-rupee notes to make cash payments.

In order to obviate such short-term difficulties, it is essential that the government establish additional counters at banks for the exchange of currency, especially in rural areas.

It is also important that the message of demonetisation is spread wide and far repeatedly so that the poor people living in remote areas are able to exchange their currency notes within the stipulated time period.

Such short-term hiccups apart, the move is expected to have a positive impact in the long term in purging India's coffers.

Those who stack large amounts of cash will run into trouble explaining the source of the money. They would regret that they did not avail of the opportunity to disclose black money - which was afforded to them under the IDS. Any tax/penalty on such amount will add to the state's coffers.

Loopholes in income tax and other irregularities regarding the income of religious places, which are not subject to scrutiny, may be used to launder money through planned donations of heavy sums.

Gold prices will fall, since gold transactions were mostly carried out in cash - especially the sale of gold bars.

Real estate prices will plunge since the better part of the transactions was made in cash - and this will no longer be possible.

This will be a breakthrough in curbing political funding through black money.

Those who have already laundered black money through offshore dealings or, in the way of precious metals/real estate will, however, not be affected.

Another positive impact of the move is that it will remove counterfeit notes from the economy. The move will encourage the use of plastic money. It is being said that the new high value currency notes have tracking features.

This will, hopefully, help rein in the black money menace in the future.

I am tempted to share another social media message, "Newspapers had prepared for Clinton and Trump, Modi came out of syllabus." Touché!