Demonetisation has led to a shift in the composition of households’ financial assets. By September 2017, currency holdings were down to 8.7% of GDP, compared to 10.6% in the pre-demonetisation quarter. The other clear trend is that households’ holdings of mutual funds have gone up, from 10.6% before demonetisation to 12.5% in September 2017. Indeed, the fall in currency/GDP is mirrored in the rise in mutual funds/GDP holdings of households. People have put their currency holdings to work in the financial markets, pushing them up.