The conversation between human and AI assistant.
What will be the impact in the Indian economy of sudden 500 & 1000 rupee notes withdrawal of by the government?
What do you mean by formalization of the economy?
By formalization of the economy, I mean that the withdrawal of high denomination currency notes can encourage more people and businesses to come under the formal banking system and pay their taxes. This can help increase the tax base and reduce corruption and money laundering in the country.