Nearly 90% of the demonetized notes have been deposited in Indian banks already. That tells people that there's not much "black money" out there in India or the players have found creative measures to get the money deposited in banks already.

I'm trying to find out the figures for the percentage of such deposited notes that have been identified as counterfeit notes, but there's no sign yet that it's a large percentage of the bank-deposited demonetized notes.

So shutting down "black money" income and "counterfeit money" use/financing seems to have not been all that effective if those were truly the aims of the demonetization. While the aim of the demonetization wasn't to adversely impact the poor or the visitors to India, it has done just that.