In my opinion, yes. Even it is more painful for now but fruitful in future. Demonetization of notes of ₹ 500 and ₹ 1000 is a game changing decision by Indian Government, especially by Prime Minister Narendra Modi. The term black money is as common as fables in India. The word black money generally attached to the political leaders and Govt. employees. Though the somewhat amount of black money have been held by general people too. The word Swiss Bank also subject of leisure gossips among elders and youngsters in India.
It is said that India's internal black money's portion is higher than hidden black money in overseas one. So, PM Modi could be thought that exposing internal black money is relatively more practicable than it's overseas counterpart like Swiss Bank. At first sight, people will fill pain and angry toward demonetization scheme. It's natural too, as an extensive change in any dimension attached to human beings is subject to conflict. History is proof of it.
Demonetization of big currency has the potentiality to dig out giant part of the black money from the economy. The reason is simple. The major part of the black money is stored in form of big currency notes, gold and real estate.
No doubt, if Shri Narendra Modi, the PM of India may bring a surgical strike kind of decision for revealing unaccounted treasure in form of gold and real estate.
