One of the biggest arguments against the move is that violators and tax evaders do not always hoard money in 500 and 1000 notes- most of it is either in the form of assets or investments. In the case of liquid money too, they could possibly be deposited in the Swiss banks, or in other banks through false accounts, or benami accounts. Hence, critics believe that black money cannot be totally controlled with demonetization.
Yet another complaint is that there was not enough planning, or time given before making such a historic change. Such a sudden and drastic move as this in India has caused much inconvenience to the people.
People in many parts of the country, especially in rural areas, had a tough time as they could not exchange their currency immediately. There are villages without banks, and people without bank accounts.
Banks and other financial institutions were running without enough currencies of 100s, or the new 2000s, to give in exchange.
People in hospitals who could not manage to get the equivalents, were among the worst affected.
Even as demonetization intends to wipe off financial malpractices, many fake notes of the new Rs 2000 note were found circulating immediately after they were introduced. This made it clear that counterfeiting is still possible.