In the Times of India blog, Jagdish Bhagwati, Vivek Dehejia and Pravin Krishna argue that detractors of demonitisation have been proven wrong.

"Whatever else supporters and critics of the Indian government’s demonetisation exercise may disagree on, everyone will agree that the decision by Prime Minister Narendra Modi, on 8 November 2016, to remove from legal tender high denomination notes (HDNs) accounting for about 86% of the currency stock in value terms was a bold and unprecedented move. Indeed, it is arguably one of the great economic experiments in modern history and will be studied for years to come."