Ban on Rs 500, 1000 notes will formalise shadow economy

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The ban on Rs 500 and Rs 1000 currency is going to formalise the shadow economy, says Sanjay Mookim, Director, India Equity strategy, Bank of America Merrill Lynch. It will also lead to potential reduction in corruptions and help increase tax collections. 

 

The government's move will also have a negative impact on consumption in the country, he adds. The correction that comes out of this and the US elections will be a good buying opportunity for investors to buy into the market. The short-term investors may suffer for a few weeks.