Demonetisation: An interim assessment

If there's truth in allegation that it was a hasty decision, declaring it failure may be equally so

Demonetisation of the old Rs 500 and Rs 1,000 notes — specified bank notes (SBN) henceforth — accounting for over four-fifth of currency in circulation on November 8, 2016, was described by critics as an “all-India unannounced strike”, “organised loot and legalised plunder” and a hasty decision. 

Did demonetisation produce only the painful cash shortage until March 13, 2017 and disruption of economic activity? The Reserve Bank of India’s (RBI) Annual Report for 2016-17 and the Central Statistical Organisation’s (CSO) estimate of gross value added (GVA) in the first quarter (Q1) of the current year, released last week, contain useful pointers. 

Cash