WITH
the publication of the RBI Annual
Report, giving the number and value of demonetised notes coming back to the
chests of the Central Bank, the issue whether demonetisation (note bandi) has
been a success or failure has come up for
discussion in public domain in a big way and some persons like Rahul
Gandhi, President of main opposition party (Congress) has greatly criticised
note bandi saying that it has pushed back GDP growth substantially to the
detriment of common people, benefitting only 15-20 people, who are close to
Prime Minister Narendra Modi. This article considers how far such criticism is
valid and justified.
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