Even though no political party is ready to admit it openly, it is no secret that most of them are stunned by the latest move by the PM. In all major elections, political parties bring in sacks full of black money to distribute in exchange for votes. The parties with strong financial clout can easily turn the results in their favour by such illegal means.
The significant chunk of money spent on elections are usually in cash, and it comes from real estate, infrastructure, smuggling and other illegal businesses. Most politicians and their funders keep the money readily available in cash and take it out during the elections.
This decision will definitely have some impact on the free flow of money in the upcoming Uttar Pradesh and Punjab elections, money plays a big role. . .