The conversation between human and AI assistant.
Modi's announcement on banning 500 and 1000 currency notes. How would it affect economy?
Were there any other effects of demonetization on the Indian economy?
Yes, the move also led to a significant cash crunch, with long queues outside banks and ATMs as individuals scrambled to exchange their old notes for new ones. Small businesses, in particular, had difficulty running their operations due to the lack of cash flow. Additionally, the move had a negative impact on the real estate sector, which relies significantly on the use of cash for transactions.