A Huge Demonetization Shock to Modi?

The 50 days of Demonetization is complete and the Central government already brought in an ordinance which makes storing of Old Notes makes it a crime. This is to make sure that the Old Notes are no longer Legal Tender. On the other side, there are speculations about how much of the Old Notes got deposited in banks.

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Rumour mills are rife with the rumours that by December 29th, 14.92 Lakh Crore worth Old Currency were deposited in banks. There is a total of 15.6 Lakh Crore of Old Notes in circulation when Modi announced the Demonetization.

That means the money saved through Demonetization is almost peanuts. The minor gains from this scheme it is nowhere near the expenses put on the scheme and the hardships faced by the people. So, it can be considered as a failure if this is true.