Demonetisation Post-Truths

A close examination of the finance ministry's claims of meeting the stated objectives of demonetisation, reveals that they are mostly false and deceptive. Official data show that even the fiscal costs of demonetisation have far surpassed its benefits, let alone its impact on the rest of the economy and the people. 


On the day when the Reserve Bank of India (RBI) finally reported that almost 99% of the proscribed currency notes of Rs 500 and Rs 1,000 denomination had returned to the banking system by 30 June 2017, the finance ministry also issued a formal statement1  seeking to explain how demonetisation has been “immensely beneficial to the Indian economy and people.” 

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