Another significant point is that most of the black money in India is held in property and gold markets. The two have gained a notoriety for hiding unaccounted wealth. In such a case, wouldn’t it be more prudent to target these two sectors than the actual banknotes? The Central government will sooner or later have to step in and legislate that all transactions in gold and property go through banks.
In conclusion, there really is no guarantee that demonetisation will achieve any desired goals. If the move was to be summarised in one line, demonetisation would be deemed a method for the government to garner goodwill, while the opposition gets a free piggy back ride. However, for the sake of the numerous hours that you and millions of other citizens have spent in serpentine bank and ATM lines, we hope that demonetisation will somehow manage to pay its dues.