The demonetisation of Rs 500 and Rs 1000 currency notes, Prime Minister Narendra Modi’s most audacious move till date, is mind blowing in its impact and mind-boggling in its implications.

When the Prime Minister had warned “Don’t blame me for tough action on black money after September 30 (the last day of the amnesty scheme)”, not too many people would have paid heed to his words. Later he even spoke of a ‘surgical strike’ on black money. What people expected at best was a step-up in tax raids and seizures for a while. There were sly attempts to put the Government on the back-foot by coining terms such as “tax terrorism”.