The conversation between human and AI assistant.
Is this move of banning 500 & 1000 Rupee notes right?
What kind of long-term benefits were expected from this move? Did they materialize?
Some of the expected long-term benefits were increased tax compliance, greater use of digital payment systems, reduction in counterfeit currency circulation, and an overall boost to the formal economy. It's still early to evaluate whether these benefits have materialized fully or not, as the move was implemented in November 2016. However, some data suggest that digital payments and formalization of the economy have gone up post-demonetization.