"While there are no two opinions about the need to root out black income, the method chosen and its execution have inflicted unwarranted damage to the Indian economy," India Ratings, which is part of the Fitch Group, said. "It is unlikely that fiscally the government will benefit from Rs 4.004 trillion (Rs. 4.004 lakh crore) worth of cash destroyed in the de-legalisation process," the agency stated. "Assuming that this proportion has now gone up to 25%, the size of the black economy for FY16 works out to be Rs 33.9 trillion (Rs 33.9 lakh crore) (GDP for FY16 was Rs 135.76 trillion (Rs 135.76 lakh crore)," India Ratings said. "Therefore, how much of the black money will come out into the system is still difficult to assess.

Source: Times of India December 02, 2016 16:07 UTC