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What will be the implications of banning 500 and 1000 rupees currency notes on Indian economy?
Can you tell me what will be the implications of banning 500 and 1000 rupees currency notes on the Indian economy?
The banning of 500 and 1000 rupees currency notes in India could have several implications on the Indian economy. Firstly, the move could lead to a temporary cash crunch in the country, especially for those who rely on cash transactions. Secondly, it could lead to a reduction in black money circulation as unaccounted cash will become difficult to convert into legal tender. Additionally, the move could boost digital transactions in the country and promote financial inclusion for underprivileged sections of society.