'Scrapping old notes will uncover ₹4.6 lakh cr black money'
The government's plan to scrap ₹500 and ₹1,000 notes will uncover up to ₹4.6 lakh crore in black money, ICICI Securities Primary Dealership has predicted. However, Mumbai-based brokerage Edelweiss Securities has pegged this figure at ₹3 lakh crore, which is almost three times Iceland's economy. The scrapped ₹500 and ₹1,000 notes account for 86% of the total currency in circulation.