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?
Can you elaborate on the impact on the informal sector?
Sure. With the demonetization, a large percentage of currency notes in circulation were withdrawn, and people were required to exchange old notes for new ones. However, the exchange process was fraught with challenges and led to a temporary cash crunch. The informal sector, where cash transactions are prevalent, was particularly affected, with some businesses being forced to shut down altogether.