Exactly two years ago, the Narendra Modi-led government imposed a ban on Rs 500 and Rs 1,000 notes. On the anniversary of demonetisation, former prime minister of India and economist Dr. Manmohan Singh recalls it as an "ill-fated and ill-thought" exercise and urges the government to restore certainty in economic policies.

In a press statement, he said, the "notebandi impacted every single person, regardless of age, gender, religion, occupation or creed," and the "scars and wounds of demonetisation are only getting more visible with time."

He further said that demonetisation brought volatility in the financial markets through the liquidity crisis that it created and "we are yet to understand and experience the full impact of the demonetisation exercise."

"It is therefore prudent to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy and financial markets. I urge the government to restore certainty and visibility in economic policies. Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policymaking should be handled with thought and care," Singh said.

Meanwhile, Finance Minister Arun Jailtey in his Facebook blog post said that demonetisation helped the government formalise Indian economy and target black money outside the country.

"Asset holders were asked to bring this money back on payment of penal tax. Those who failed to do so are being prosecuted under the Black Money Act. Details of all accounts and assets abroad which have reached the Government resulted in action against the violators," he wrote.