The conversation between human and AI assistant.
What are your views on India banning 500 and 1000 notes? In what way it will affect Indian economy?
Did India's demonetization help reduce corruption?
There has been some evidence to suggest that India's demonetization helped decrease corruption to some extent. With the ban of 500 and 1000 rupee notes, people who had hoarded cash as part of their unreported income had to either deposit it in their bank accounts or risk losing it. This helped the government to identify some people who were evading taxes and helped bring in more money into the formal economy. But, it's difficult to say how much of an impact the move had on reducing corruption in the long term.