Letter to BS: Demonetisation was not the way to tackle black money

The currency in circulation today is at least 10 per cent more than at the same time in 2016.

This refers to “Don’t forget note ban made you seek bail: PM Modi’s dig at Gandhis” (November 13). It is distressing to read the Prime Minister’s stance on the Gandhis. Demonetisation was the most impractical decision. We live in a country where a data protection law does not exist and institutions continue to hobble with infrastructure necessary to support digitisation. We have the highest rates of internet shut-downs. Demonetisation was not the way to tackle black money or counterfeit currency.

The government’s calculation was that three to four trillion would not return to the banks, but, as we know now, almost