The shock move devastated India’s informal economy. Many small businesses never recovered, as a supply chain at the intersection of diamonds and plastic shows.
After Rs 500 and Rs 1,000 notes were withdrawn from the system in November 2016, currency with the public, which stood at Rs 17.97 lakh crore on November 4, 2016, declined to Rs 7.8 lakh crore in January 2017 soon after demonetisation.
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