Has PM Narendra Modi’s Demonetisation Move Failed Completely?

According to a report by Bloomberg, quoting sources in the know, banks have received 14.97 trillion rupees ($220 billion) as of December 30, which was the deadline set by the government for individuals to return their currency notes. Thus, as much as 97 per cent of currency notes, outlawed by the government on November 8, 2016, have reportedly returned to banks, posing a huge question mark on Prime Minister Narendra Modi’s demonetisation move. The government and the RBI faced criticism for their inability to  implement the move in an efficient manner, continuing to cause hardships to citizens across the country.