8 ▁report ▁from ▁the ▁Reserve ▁Bank ▁of ▁India , ▁approximately ▁ 9 9 . 3 % ▁of ▁the ▁demon et ised ▁bank notes , ▁or ▁ ▁( 1 5 . 3 ▁tr ill ion ) ▁of ▁the ▁ ▁that ▁had ▁been ▁demon et ised , ▁were ▁depos ited ▁with ▁the ▁bank ing ▁system . ▁The ▁bank notes ▁that ▁were ▁not ▁depos ited ▁were ▁only ▁worth ▁ ₹ 1 0 , 7 2 0 ▁cr ore ▁( 1 0 7 . 2 ▁billion ), ▁leading ▁anal yst s ▁to ▁state ▁that ▁the ▁effort ▁had ▁failed ▁to ▁remove ▁black ▁money ▁from ▁the ▁economy . ▁The ▁B SE ▁S EN SE X ▁and ▁N IF TY ▁ 5 0 ▁stock ▁indices ▁fell ▁over ▁ 6 ▁percent ▁on ▁the ▁day ▁after ▁the ▁announ cement . ▁The ▁move ▁reduced ▁the ▁country ' s ▁industrial ▁production ▁and ▁its ▁G DP ▁growth ▁rate . ▁ ▁Initial ly , ▁the ▁move ▁received ▁support ▁from ▁several ▁bank ers ▁as ▁well ▁as ▁from ▁some ▁international ▁comment ators . ▁The ▁move ▁was ▁also ▁critic ised ▁as ▁poor ly ▁planned ▁and ▁unf air , ▁and ▁was ▁met ▁with ▁protest s , ▁lit ig ation , ▁and ▁strik es ▁against ▁the ▁government ▁in ▁several ▁places ▁across ▁India . ▁Deb ates ▁also ▁took ▁place ▁concerning ▁the ▁move ▁in ▁both ▁houses ▁of ▁the ▁parliament . ▁ ▁Background ▁The ▁Indian ▁government ▁had ▁demon et ised ▁bank notes ▁on ▁two ▁prior ▁occasions — once ▁in ▁ 1 9 4 6 ▁and ▁once ▁in ▁ 1 9 7 8 — and