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...At that time, much of the criticism was on conceptual grounds, bearing in mind the importance of cash in the Indian economy. As time has passed since the withdrawal of currency from the economy, evaluation of the move is no more based on only a theoretical understanding of the economy; this is now being supplemented by hard data. Much of the recent analyses have validated the fears that had been expressed in the immediate aftermath of demonetisation. Quarter 1 (FY2017-18) growth rate has slumped while the Reserve Bank of India Annual Report (2016-17) states that, belying most expectations, all extinguished currency notes have been returned to the banks. ...Live Mint on Nov. 16, 2017, 4:37 a.m.