Demonetisation in India: Rationale, Efficacy and Impact 5 SR. Keshava 1. Introduction The first Anniversary of demonetisation is celebrated by Government of India as 'Anti-Black Money Day' whereas the opposition parties led by congress celebrated it as a 'Black day'. Post demonetisation, when Banks have received Rs15.28 trillion ($239 billion), or 99% of the currency invalidated, does it mean all the black money has become white or otherwise. The Nobel laurates, international and domestic financial institutions, Economists, intellectuals and common man differed about the relevance of demonetisation and its impact. Few supported while few opposed; few said positive impact while free said it as disaster. For example:- Amartya Sen termed it as gigantic mistake both in terms of dealing with corruption as wel as the objective of one rapid jump of getting into a cashless economy. He also called it as 'despotic action that has struck at the root of economy based on trust...if (demonetisation undermine notes, it undermines bank accounts, it undern es tne entire economy of trust. Whereas another Noble prize winne n Economics (2017) Richard Thaler on 8 Nov 2016 tweeted out demonetisation as This is a policy I have long supported. First