a ▁ho ard ▁of ▁c ash ", ▁saying ▁that ▁it ▁would ▁have ▁little ▁effect ▁in ▁elimin ating ▁" black ▁activities " ▁while ▁" ca using ▁much ▁hard ship ▁to ▁common ▁people ." ▁ ▁Econom ist ▁and ▁journalist ▁T . ▁N . ▁Nin an ▁wrote ▁in ▁the ▁Business ▁Standard ▁that ▁demon et isation ▁' look s ▁like ▁a ▁bad ▁idea , ▁badly ▁executed ▁on ▁the ▁basis ▁of ▁some ▁half - b aked ▁not ions '. ▁Steve ▁For bes ▁described ▁the ▁move ▁as ▁' S ick ening ▁And ▁Im m oral '. ▁He ▁stated ▁that ▁" What ▁India ▁has ▁done ▁is ▁commit ▁a ▁massive ▁the ft ▁of ▁people ' s ▁property ▁without ▁even ▁the ▁pre ten se ▁of ▁due ▁process — a ▁shock ing ▁move ▁for ▁a ▁dem ocrat ically ▁elected ▁government ." ▁Nobel ▁la ure ate ▁Paul ▁K rug man ▁said ▁that ▁it ▁is ▁difficult ▁to ▁see ▁g ains ▁from ▁demon et isation , ▁while ▁there ▁may ▁be ▁significant ▁costs ▁to ▁it . ▁Econom ic ▁anal yst ▁V ive k ▁Ka ul ▁stated ▁in ▁a ▁BBC ▁article ▁that ▁" dem on et isation ▁had ▁been ▁a ▁failure ▁of ▁ep ic ▁proport ions ." ▁ ▁Re actions ▁of ▁industrial ists ▁ ▁The ▁decision ▁met ▁with ▁mixed ▁initial ▁re actions . ▁Several ▁bank ers ▁like ▁A rund h ati ▁Bh attach ary a ▁( Ch air person ▁of ▁State ▁Bank ▁of ▁India ) ▁and ▁Ch anda ▁Koch har ▁( MD ▁& ▁CE O ▁of ▁IC IC I ▁Bank ) ▁appreciated ▁the ▁move ▁in ▁the ▁sense ▁that