Thus, data suggests that demonetization was a failure in unearthing the black money in the system. In 2016, the year when demonetisation was launched, 6.32 lakh counterfeit pieces were seized across the country. In the next four years (including year 2020 so far), a total of 18.

Is demonetisation a failure or success?

The data on Income tax returns filed also confirms the success of the demonetisation of the scheme. According to I-T Department data, number of income tax returns filed grew 6.5 per cent in FY 2015 to 40.4 million. It surged 14.5 per cent in FY 2016 and then jumped 20.5 per cent in FY 2017, the year of demonetisation.

Is demonetization successful or failure in India?

That question has cropped up once again now that the Reserve Bank of India (RBI) annual report shows that 99.3 per cent of all the high value currency notes that were demonetized was deposited back, and with various government spokespersons rushing to babble out fresh reasons to explain that it was not a complete and ...