The conversation between human and AI assistant.
What do you think about Modi government banning 500 & 1000 currency note from 9th November?
Ok, please tell me about the policy and its impact.
On 8th November 2016, the Indian Prime Minister Narendra Modi announced the demonetization of all 500 and 1000 rupee banknotes. The government stated that the move aimed to reduce black money, corruption, and counterfeit currency. The policy led to significant disruption of the economy, and the government faced criticism for poor implementation and inadequate preparation. However, some experts argue that the long-term benefits may outweigh the short-term costs.