Exactly. However this move isn't without immediate benefits. 1. Forces all participants in shadow economy to declare cash assets. So it's a data point from w

Exactly. However this move isn't without immediate benefits. 1. Forces all participants in shadow economy to declare cash assets. So it's a data point from which to baseline total cash asset census. 2. Data collected about individuals with most cash declared will allow for revenue services to target those individuals first. 3. The introduction of serious risk for hoarding cash in the future. The government followed through with this threat so it's a precedent. BTW, I'm a foreigner and I am traveling to India in a week's time and I hope the impact on tourists is all but dissipated by now!