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India's move is a perfect example for problems associated with centralized things. I do not see any greatness in this move, because there will not be any guarantee for no more black economy in longer haul.
It is a good move to get rid of black money immediately, but as you said people will build/save their new black economy with new currency notes. In a vast country, it will not be possible to monitor/control every politician/business people. Still, their move might give positive impacts in their national economic growth at least in short term.