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What is the disadvantage of demonetization of Indian currency?
Can you tell me about the demonetization of Indian currency and its disadvantages?
The demonetization of Indian currency took place in 2016, where the government decided to ban the existing 500 and 1000 rupee notes in circulation. The main disadvantage of demonetization was the inconvenience caused to the general public, who had to stand in long lines for hours to get their money exchanged. This caused a lot of hardships for people, especially those who were living in rural areas without easy access to banks and ATMs. Additionally, demonetization led to a slowdown in the economy, affecting the small and medium businesses who largely depend on cash transactions.