It's been five years since the disruptive decision by the government to scrap high-denomination currency notes overnight was taken. The economy has seen several highs and lows during this period. The most notable has been the return of cash.

       One of the objectives of demonetisation was to make India a "less-cash" economy. Though cash levels settled at a lower normal immediately after the decision,it is growing nearly at the usual rate since, and cash-to-gross domestic product (GDP) ratio has overshot the pre-demo levels (chart 1). The older high ...