Making the case that only a very small percent of black money is held in cash “about six percent and certainly less than ten percent,” Dr Sen said that demonetisation is “small fry in terms of achievement but a big disruptor to the Indian economy.” Like other critics of the PM’s initiative, he said he backs the intent but faults the execution of the reform, “We all want something to be done about black money. But surely, it also has to be intelligent and humane. That has not happened.”
With new bills in short supply, banks run dry early in the morning. ATMs are still being reconfigured to be able to stock the new notes which are of a larger size. Rural India, cut off from formal banking, is especially short-changed, though many say they support the PM’s new scheme.
