This idea has been considered in Canada and US so beware.
India is in a currency crisis
In an unscheduled televised address on 8 November Prime Minister Narendra Modi gave the nation just four hours notice that 500 ($7.30; £6) and 1,000 rupee notes would no longer be legal tender.
People were told they could deposit or change their old notes in banks until 30 December and new 500 and 1,000 rupee notes would be issued.
Until 24 November Indians will also be able to change a small sum of old cash into legal tender as long as they produce ID. This amount was reduced from a total of 4,500 rupees to 2,000 rupees on 17 November. Anything above this needs to be credited to a bank account.
The decision was taken to crack down on corruption and illegal cash holdings known as "black money". In an attempt to curb tax evasion, the government expects to bring billions of dollars of unaccounted cash into the economy because the banned bills make up more than 80% of the currency in circulation.
www.bbc.com/news/world-asia-india-37983834
Many flocked into Gold and then ---
Friday, November 18, 2016
MUMBAI -- The taxman may knock on your door if you bought gold immediately before or after high denomination currency notes were withdrawn -- even if you paid for the precious metal by cheque or credit card.
Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told The Times. This might be one of the reasons to have caused jewellery and bullion demand to fall sharply in the days after the notices were issued last Friday.
economictimes.indiatimes.com/markets/sto...cleshow/55488275.cms