Prime Minister Narendra Modi announced new measure will be introduced after December 30 to crack down on black money.The very first For the people those dealing in black money in the real estate sector and benami properties,Parliament passed the Benami Transactions (Prohibition) Amendment Act, 2016, in the monsoon session earlier this year,The amended law prescribes seven-year rigorous imprisonment. This Benami Transactions Amendment Act came into force from November 1, 2016. The new law seeks to give more teeth to the authorities to curb benami transactions.
The second is government intended to end conversion of black money into gold.The Government made it mandatory to disclose your Permanent Account Number (PAN) for purchase above Rs.2,00,000 from january1.
So currency ban is not the last step against black money,more steps will be taken as and when required.