By Aswin Mannepalli
Data released by the Reserve Bank of India indicates that demonetization has failed to flush out black money.
While short-term indicators show that the Indian government has failed to meet stated objectives, demonetization could be an economic success in the long term.
When Prime Minister Modi announced plans to demonetize ₹500 and ₹1000 notes on November 8, 2016, he said removing black (undeclared) money from the economy would combat both terrorism and corruption.
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