Modi said on November 14, 2016 that if His demonetisation decision turned out to be wrong,He would be prepared to face any punishment.
Well, the RBI itself said recently that demonetisation has had a marginal-to-low impact on extinguishing black money (99% of all the money you demonetised came back into the banking system), curbing fake notes, reducing currency in circulation and lowering the proportion of high notes in the economy. There has been some spurt in direct tax collections but this has happened in the past too. Your ministers say the money in bank accounts will now be probed by the tax authorities but the income tax department will take years to do this.
So what did demonetisation achieve and was the cost worth it? Recently, a cabinet minister told the Lok Sabha that your government has not even bothered to measure the social and economic impact of demonetisation. In a recent campaign speech you even made light of the deaths that happened during the notebandi crisis. Now, Gita Gopinath, the new IMF chief economist, has estimated that quarterly GDP growth declined by at least two percentage points because of demonetisation. Don’t you think as prime minister that you should have ordered a study of the impact? Who did you consult before you took this decision? Were you not aware of the macro disruption that would follow?

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