More downs than ups

The editorial, “Big bang failure” (September 1), ended with the verdict, “Demonetisation was a blunder, poorly thought through and badly executed.”
 

Demonetisation as a tool to flush out black money was a noble idea, but the execution left a lot to be desired. Before announcing demonetisation, the government should have introduced the Rs 2,000 and the new Rs 500 notes. ATMs should have been recaliberated in phases to stock the new notes. Once, around 50 per cent of ATMs had been recaliberated, the announcement to withdraw Rs 1,000 and old Rs 500 notes from circulation could have been made. After