This is one of the largest transfer of money from individuals & small businesses to corporate sector. Since notes were denotified, people had no choice but to move to businesses which could support digital payments. This led to huge loss of business for smaller players who were dealing in cash and a drop in economic activity. And the small businesses are the ones which employ highest number of people, so the subsequent job loss. Additional domino effects is loss of man hours spent in exchanging the notes and the general anxiety it caused amongst people. Moreover data shows [1], the whole exercise only caused a temporary change in behaviour & cash in back in vogue, so essentially a pointless & damaging exercise.

[1] - http://www.livemint.com/Industry/S0AwBRAYuGbJw0SoXOaUaO/One-...