Note ban sucked in cash like a vacuum cleaner: IMF official
According to IMF's Asia and Pacific Department's Assistant Director Paul Cashin, one way to characterise India's demonetisation is as a "vacuum cleaner". "It's sucking in cash, withdrawing it from the economy, and then the vacuum cleaner is going in reverse, slowly replacing cash," he stated. It has led to a lot of cash shortages that adversely affected consumption, he added.