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Against that, the black-money crackdown will probably dent (or worse) already-fragile property prices, especially in big cities—and so the value of the collateral the banks lend against.
相反地，對黑錢的取締將可能會降低岌岌可危的房價，特別是在大城市，以及削弱銀行借貸抵押品的價值。
Most economists expect the dislocation to dampen growth in the short-term.
大多數經濟學家預計這種混亂會在短期內抑制經濟增長。
Households will probably put off big-ticket purchases such as motorbikes or white goods.
家家戶戶將可能會推遲購買高價品，例如摩托車或者大型家用電器。
Jewellers, doctors and others in professions where cash still rules will also be hard hit.
對于珠寶商、醫生以及其他與現金息息相關行業的影響也許會尤為嚴重。
Political parties hoarding cash for election-time handouts to voters will have to tidy up their finances.
為了在競選時期吸引投票者而囤積現金的政黨將不得不理清他們的財政。
Even e-commerce sites like Amazon will be affected: over two-thirds of their sales are settled by the buyers in cash on delivery.
即使是像亞馬遜的電商網站也將會受到影響：他們超過三分之二的商品銷售都是買家用貨到付款。
A new, shady line of work is already emerging: opportunists are said to be snapping up 1,000-rupee notes at a deep discount from those with too much stashed cash to declare.
一種全新的、名聲不好的行業已經浮出水面：據說機會主義者從那些藏匿巨額現金待出手的人手中用巨大的折扣搶購1000盧比。
They will profit handsomely if they can find smaller savers willing to swap the old notes for new ones on their behalf, for a fee.
如果人們能夠找到為了自己利益愿意用舊紙幣交換新紙幣的較小型儲戶，他們將獲取豐厚的獎金。
The government has indicated it is gunning for those with suitcases full of rupees rather than merely a few stapled or elastic-banded wads.
政府已經表示他們針對的是那些擁有成箱盧比的人，而不是僅僅只有幾捆用松緊帶綁起來的鈔票。
Some aspects of the plan are difficult to fathom.
這個計劃的一些方面是難以揣測的。
Prominent economists, such as Kenneth Rogoff of Harvard University, are keen to scrap big-denomination notes altogether.
一些著名經濟學家，如哈佛大學的Kenneth Rogoff，都傾向于去完全廢除大額鈔票。
But India will merely replace them.
但是，印度將僅僅只是去進行更替。
Worse, it will add a 2,000-rupee series—introducing a note that will have few conceivable uses other than mattress-stuffing, smuggling or gambling (getting change for even a 500-rupee note is already close to impossible) .
更糟糕的是，他們將增加面額2000盧比的鈔票，除了塞在床墊下面，進行走私和賭博使用之外，很難想象這些鈔票會用在什么地方（因為即使是將500盧比的鈔票兌換零錢已經幾乎不可能）
The timing is also odd.
這個時機也是很奇怪的。
India has recently introduced a system that makes it easy for anybody to make or receive payments from their mobile phone, whether they be businesses or individuals.
印度最近已經推行了一種能夠讓人們通過自己手機進行付款和收款更為便捷的系統，可以用于商業用途或者是個人目的。
But the Unified Payments Interface, as it is known, is still in the early stages of implementation, so cannot really help overcome the current cash-crunch.
但是，眾所周知的統一支付界面（UPI）仍然在推行的初期階段，所以不可能真的幫助克服目前的現金危機。
Mr Modi also took the cash out of circulation just as polls opened in America, eventually roiling markets.
同時莫迪先生讓現金退出流通，恰逢在美國開展的民意調查，最終席卷了市場。
Cancelling banknotes is usually the work of desperate or misguided regimes. This looks different.
廢除紙鈔一般是窮途末路或者錯誤領導政權的產物，這次看上去略顯不同。
Indeed, the assault on black money is justified and overdue.
的確，這次對黑錢的打擊是合情合理卻稍稍顯得有些晚了。
But governments change the rules on the world’s simplest financial instrument—the humble banknote—at their peril.
但是，政府卻冒著風險而改變了世界最簡單金融工具的規則，即普通的紙鈔。
Gold is already favoured by those who want to keep their savings beyond the reach of government and taxman.
那些想要讓他們的積蓄擺脫政府和收稅員控制的人大力推崇黃金。
Gold bugs may feel vindicated; others will have taken note.
黃金投資者可能會認為自己是正確的，而其他人會趕緊兌換完鈔票。
