A year since Prime Minister Narendra Modi’s ‘surgical strike’ on black money, the jury is still out on the success or failure of the demonetisation drive – a controversial decision to withdraw the legal tender status of Rs 1000 and Rs 500 currency notes.

Through the cash ban, the government aimed to:

  • Weed out the counterfeit currency fueling terrorism
  • Stamp out black money
  • Move India’s economy to a more transparent, digital way of functioning

Detractors of the cash ban maintain that the move has only served to:

  • Inconvenience a large section of the population
  • Cripple businesses
  • Slow down an economy dependent on cash
  • Polarise public opinion

 

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