The conversation between human and AI assistant.
Is this move of banning 500 & 1000 Rupee notes right?
And what were the negative impacts?
The move caused a cash shortage, which led to chaos and confusion in the initial stages. The informal sector was hit hard, and many people lost their livelihoods as they were unable to exchange their high-denomination notes. The move also created a burden on the banking system, which had to handle the sudden influx of cash deposits and withdrawals.