The conversation between human and AI assistant.
What would be effect of 500 and 1000 Rs notes ban?
Could you explain the impact it had on the economy and the people of India?
The ban affected the cash-based economy of India and led to a decrease in demand for goods and services. However, it led to an increase in digital payments and brought more people into the formal financial system. It also helped in uncovering large amounts of undisclosed income and black money.