[abhis3798]

So the general belief is that "black money" is always stashed as hard cash. Specifically in higher denominations of 500 and 1000 ruppees. To uphold the poll promise of putting an end to black money, Modi came up with this plan to ban these denominations.

It was utter chaos when this happened. People literally queued up at ATMs for hours and most ATMs would be out of cash. PayTM, now an household name in India for online wallet, turned out to be the biggest beneficiary from the whole fiasco. Black money however lives on.