"Demonetization exercise was a total and epic disaster and it shocked the economy without fulfilling it's motive of "war on black money" as 99% of the invalid notes were returned to the RBI."
That was exactly the point. The fact that 99% of notes were returned indicates that demonetization was a success.
The whole idea was to stop large cash transactions from occurring in secrecy where they cannot be taxed.
Any economic problems resulting from demonetization are short-term. In the long run, moving to electronic transactions will be of great benefit to India.
Ghanta. The goal was to "eradicate black money" but they utterly failed in eradicating black money as all black money was converted into white in a BIG blow to the exercise & all black money has entered the banking system.
1% is the "destroyed black money"
If this was the case then BJP is a big damn liar as they kept claiming that congress did scams well, if there is only 1% black money Congress is full of saints.
That was exactly the point. The fact that 99% of notes were returned indicates that demonetization was a success.
The whole idea was to stop large cash transactions from occurring in secrecy where they cannot be taxed.
Any economic problems resulting from demonetization are short-term. In the long run, moving to electronic transactions will be of great benefit to India.