Would suck to be out on a boat unable to get anywhere near a bank before the deadline,seems like a short window.
Will the banks except these bills up till then or will it become a issue in its self?
The demonizing of higher currency bills has little to do with the black market and more to do with citizens stashing money away and not using the banks. Think the drive towards getting everyone using a bank globally is on and I know for sure India is pushing this at full steam. Once they have us locked in prepare for negative interest rates,can just smell this coming down the pipes,also other reason the idea of crypto currency is appealing with government/bank controls built in.
Not entirely; the money streams in black markets/corruption are usually quite big, which make it preferable for the use of high denominated notes. Making these notes not legal anymore, rises a big problem for at least the current (black money) assets into circulation; since them high denominated bills now have become 'useless', one might have a hard time explaining when they want to exchange a huge stack of them into lower legal ones. What this resolution does, is not directly counter black money and/or corruption, but more indirectly; it cripples the
current system i.e. black money flows (for the time being, because new ways will surely be found eventually) on one side, and on the other side reveal potential 'hot spots' where that current black money resides.
