The conversation between human and AI assistant.
What are prons and cons of banning and replacing ₹500 and ₹1000 Notes in India?
Can you tell me the pros and cons of banning and replacing ₹500 and ₹1000 notes in India?
Sure. One advantage of banning and replacing these notes is that it could help curb illegal activities such as black money and counterfeiting. It could also promote more transparency in financial transactions. However, it could also cause short-term disruptions for people who heavily rely on cash and do not have access to alternative modes of payment. Additionally, it could lead to an increase in demand for lower denomination notes, which could be in short supply.