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Modi's announcement on banning 500 and 1000 currency notes. How would it affect economy?
Can you tell me about Modi's announcement on banning 500 and 1000 currency notes? How would it affect the economy?
Sure. In November 2016, Prime Minister of India Narendra Modi announced the demonetization of all Rs. 500 and Rs. 1,000 banknotes. This move was aimed at curbing the circulation of black money and fake currency in the economy. However, it also had a significant impact on the economy, leading to cash shortages, a decline in economic growth, and job losses.