No tangible benefits

RBI data proved conclusively that demonetisation, touted as a 'shock therapy'

With reference to the editorial, “Big bang failure”, the Reserve Bank of India data proved conclusively that demonetisation, touted as a “shock therapy” and “surgical strike” against black money, did not achieve its objectives. It did not succeed in detecting or flushing out black money and counterfeit notes or in halting the flow of funds to “political and religious radicals”.
 

The data gave economists opposed to the note ban and other critics of the Narendra Modi government vindication for their stance. The fact that 99 per cent of the demonetised high-denomination notes were either deposited or exchanged for new notes