Five years later it is clear that demonetisation neither discouraged the use of cash, nor did it increase the government's revenues, and even the volume of black money has seen no reduction.
On this day in 2016, 85% of currency was made worthless by the Modi government with one stroke. Five years later it is clear that demonetisation neither discouraged the use of cash, nor did it increase the government's revenues, and even the volume of black money has seen no reduction. Instead, demonetisation has caused India's GDP to tank, and has exaggerated unemployment figures.