Not a total failure

Sir — This refers to the editorial, “Demon-etisation” (August 31). As the Reserve Bank of India mentioned, it is true that 99.3 per cent of the junked notes that were in circulation before demonetisation have returned back into the banking system. 

Undoubtedly, those who held black money, pumped their money into the banks with help from other account holders. This means that a lot of black money have been converted into white. This will likely fetch huge tax to the Government.

It is also a fact that many of those, who were not listed in the tax bracket, have now been brought under the tax bracket. Government revenue is likely to boost in the coming years, which will have long-term gains.  Black money have been accounted for.

Secondly demonetisation has also put an end to the running of fake currencies that were printed in Pakistan for ulterior gains. To this end, demontisation has arrested the flow of money to terrorist groups. 

Hence, demontisation cannot be completely dubbed as a futile exercise.  It has had its own advantages, many of which may not be visible in the short-term, but it definitely has long-term gains that will be visible in the times to come.