i think it is a great move and a bold one if you ask me, great ideas are alway taunted and painted in the negative until they succeed. Cash has a way of influencing the black market so getting rid of it means big reduction in black market activities. and the printing and distibution of money is very expensive and considering a country of more than 1.2 billion people its even more expensive
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But 99% of cash returned after demonetisation and cash is still the primary mode of transaction.