This planet money episode explains it pretty well. https://www.npr.org/2019/09/25/764433918/episode-770-when-indias-cash-disappeared https://www.npr.org/2019/09

This planet money episode explains it pretty well. https://www.npr.org/2019/09/25/764433918/episode-770-when-indias-cash-disappeared https://www.npr.org/2019/09/25/764433918/episode-770-when-in... NBER report: https://scholar.harvard.edu/gopinath/publications/cash-and-economy-evidence-indias-demonetization https://scholar.harvard.edu/gopinath/publications/cash-and-e...