The conversation between human and AI assistant.
What do you think about the Modi's sudden decision to scrap 500 and 1000 rs denomination?
Yes, please tell me more about it.
On November 8, 2016, the Prime Minister of India, Narendra Modi, announced the demonetization of all ₹500 and ₹1,000 banknotes. The government claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism. The demonetization was met with mixed reactions from the public and experts, with some applauding the measure and others criticizing it for its disruptive impact on the economy.