Prime Minister Narendra Modi took India and the world by surprise when he announced scrapping of Rs 500 and Rs 1,000 notes in a late night announcement. This, according to the Prime Minister, is being done to combat black money, corruption and terror-financing.
Such was the impact of the dramatic announcement that global interest in the related search terms showed a steep spike and keywords such "Narendra Modi" and "Indian rupee" ranked higher than the US presidential elections on Google search trends even in the US.
This is notable as it is Election Day in the US, when the country votes for its new president in the culmination of a long and contentious campaign that has captivated the interest of a global audience.
However as the election day proceeded in the US, the interest in the Indian government's tactical move showed a dip.
The surprise move by the Modi government was designed to bring in unaccounted wealth into the mainstream economy, as well as hit the finances of terrorists who target India and are suspected of using fake high denomination notes to fund operations.
Nearly 40 per cent of India's economy is driven by small- and medium-sized enterprises that largely run on cash transactions. Economists fear the move could impact these businesses, and in turn have a knock-on effect on economic growth.
(With inputs from agencies)
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