The conversation between human and AI assistant.
What are the expected consequences of Declaring 500 and 1000 rupee notes as illegal?
Can you please tell me what are the expected consequences of declaring 500 and 1000 rupee notes as illegal in India?
Well, a major consequence would be the inconvenience caused to the common people who have been using these notes for their daily transactions. This sudden demonetization could also lead to a temporary economic slowdown and a decrease in consumer spending. However, it is expected to have long term benefits such as curbing black money and reducing corruption.