Cash Chaos in India: Should Modi roll back black money crackdown? (part 1)

It was a bold move to catch counterfeiters and tax cheats off guard: India's prime minister made a surprise televised announcement to pull all 500 and 1000 rupee banknotes. In a nation where two thirds of all transactions are in cash, Narendra Modi knew there would be unruliness in the days and weeks that followed. Is it a big blunder or the only hard remedy to cracking down on the black market in a nation where only three percent of the population pays income tax?