1. Introduction -- 2. The purported logic of demonetisation -- 3. Design and implementation of demonetisation -- 4. Initial outcomes -- 5. Macroeconomic consequences -- 6. Inventing a new Utopia -- 7. Conclusion.

The decision of the Government to demonetize Indian currency especially the notes of ₹ 500 and ₹ 1000 caused a quake in the lives of Indians. Everywhere there the talk of demonetization in the country was apparent. There was appreciation as well as criticism of the decision of the...