Impacts on the economy with this decision 

The government's decision will give lot of benefits to the country. This would indeed boost the economy. According to RBI, the usage of 500 notes is increased by 78% and usage of 1000 rupee notes are increased by 107% between 2011 and 2016, but surprisingly the Indian economy has seen only 30% improvement. This decision will get all the black money back to the economy. Government can now imply huge taxes on this black money and that money could be used for welfare activities. The real estate field will see ups and downs now because the major contribution for this sector is black money. However the rates of apartments and plots will come down as their won't be any demand now from the black money holders, adding the entire money will now be coming under stamp duty which would help the government to collect more taxes liberally and legally. The flow of fake notes will be eradicated which is a good sigh for the economy. However on the harder side it could be problematic for the public to adhere to this procedures of exchanging money from the banks and also would be a hurdle to do some immediate payments.