“How to Convert Black Money to White Money” is trending nowadays on Google in India, after Modi’s ban on Rs. 500 and Rs. 1,000 notes. When Prime Minister Narendra Modi took the whole nation by surprise with the demonetization of Rs. 500 and Rs. 1,000 notes, tax evaders sought help from Google.
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According to gadgets360, Gujarat led the searches to find ways to convert black money to white money, followed by Maharashtra and Haryana. While Maharashtra is home to the financial hub Mumbai, Haryana has been cropping up in news over the last year for controversial real estate deals, including some that are allegedly associated with the Congress Party.
Finance Minister Arun Jaitley said, “This one decision will change social culture, in the way people keep money and spend. The honest person has the satisfaction to be honest and the not-so-honest worry.”
The property sector will be among the hardest hit from Modi’s move, brokerages including CLSA Asia-Pacific Markets, Credit Suisse Group AG and Nomura Holdings Inc. predicted. The S&P BSE India Realty Index, comprising 11 property stocks, plunged as much as 16.5 percent on Wednesday, the biggest drop since 2009, before rising 4.6 percent as of 11:07am on Thursday amid a broader market rebound.