The conversation between human and AI assistant.
Will demonetization of Rs. 500 & 1000 currency notes curb/eliminate corruption, black money and terrorism in India?
What are some of the potential drawbacks of demonetization?
A major drawback is the immediate disruption to the economy, particularly for those who rely on cash transactions for their livelihoods. There has been a lot of difficulty for people who are not part of the banking system to access their money. In addition, the costs associated with printing new currency and updating payment and financial systems can be substantial. There is also the potential for corruption or counterfeiting during the implementation process.