First published by Money Metals here: https://www.moneymetals.com/news/2017/09/05/war-on-cash-india-economy-001149

In order to sell the program Modi employed a familiar strategy. He vilified the users of cash as tax cheats and criminals. He promised the measure would punish black marketeers, boost the Indian economy, and increase tax revenues. The latter may be true – forcing transactions onto the grid is good for nosy bureaucrats trying to impose taxes and controls. Meanwhile the Indian economy is paying the price.