Late on Tuesday, Prime Minister Narendra Modi surprisingly demonetized Rs 500 and Rs 1000 notes. The decision was taken to minimize the black money in the country as much as possible. At that moment, some of the tax evaders was seeking help from Google. “How to convert black money into white money ” is among the top queries on the search engine in India.
“This one decision will change social culture, in the way people keep money and spend,” Finance Minister Arun Jaitley told reporters on Wednesday about the government’s move. “The honest person has the satisfaction to be honest and the not-so-honest worry.”
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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 11:07 a.m. on Thursday amid a broader market rebound.
In fact, if you amend the Google Trends query to “how to convert black money,” Haryana tops the list with Gujarat close behind. Other states asking the same question include Punjab, which is due to hold elections early next year, and the capital Delhi. Unexplained cash often crops up at election time to bribe voters.