Demonetisation in India - A Progressive Step or Disaster

Last year on 8th November Indian Prime Minister Narendra Modi announced the then existing 500 & 1000 Denomination currency notes were invalid which created a huge chaos in India. Here is my opinion about demonetization henceforth referred to as Demo -

Pros:

1. Demo helped India reduce the power of its parallel economy mostly driven by cash in the unorganized sectors. The real estate sector one of the worst hit sector saw huge problem as the cash transaction were limited and the focus shifted to Cashless/Digital transactions
2. Demo helped India reduce black money which was residing with some powerful people who had no option to either give it up or scrap it.
3. It is also believed that in the valley the stone pelting incidents reduced to high extent as the miscreants were paid in cash by the infiltrators
4. Recovery of taxes got a big Boost in the month of Nov & Dec 2016 as Govt offices were accepting the old notes if citizens were paying various taxes or bills (which was a real push because the money flowed into Indian economy to use those funds for development projects)

Cons:
1.As it was a decision taken without anyone's knowledge - It was really difficult for the Indian citizens to replace their old currency notes into the banks or get new denominations from the banks - because the Second largest populated country was not ready for replacing old notes and giving out the new ones with the limited number of banks.

1. The new notes of 2000 Rs came so late that too in very small batches which created big problems for common people, daily wage earners, small traders, Farmers, etc.

But after all the intention behind this huge step was very clear - It was taken up to clean the mess and push digital economy. So in my opinion Demonetization was a progressive step taken by the Indian Govt.