Notwithstanding the impact of note ban, India returned to fiscal consolidation in the FY17 largely due to the near-elimination of fuel subsidies.
India's high economic growth rate last fiscal may not reflect the actual impact of demonetisation particularly on the informal sector, Subramanian said.
The IMF trimmed India's annual growth forecast by 0.4 percentage points to 7.2% for 2017, citing the note ban impact.
Hit hard by the note-ban, securitisation volume of microfinance institutions (MFIs) fell 21% to around Rs 7,150 cr in fiscal 2017 compared to Rs 9,000 cr last year.
The transactions using various digital payment modes went up to 63.80 lakh with a total transaction value of Rs 2,425 cr till March this year.
The CBI has filed FIRs against two bank officials for allegedly allowing deposits of scrapped currency notes post demonetisation.
Chennithala requested RBI to take steps to resolve the currency shortage being faced in ATMs.
The cash deposits of Rs 100.57 cr in purported shell companies' accounts in Axis Bank's Memnagar branch in Ahmedabad were in violation of RBI notifications.
India Inc should look at life beyond note ban and work for the projected economic growth of 9-10% for the next 20-25 yrs, stated CII.
Bank officials and security personnel turned away many because the facility was only for those who were abroad during note-ban as well as NRIs.