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The Impact of Demonetization
Demonetization is the act of stripping a currency unit of its status as legal tender.
In 2016, India implemented a demonetization policy that invalidated 86% of the country's cash in circulation.
The policy aimed to curb corruption, reduce the black market, and promote digital transactions.
The immediate effects of demonetization were a cash shortage, long lines at banks, and a slowdown in economic activity.
However, in the long term, demonetization led to an increase in digital transactions and a reduction in corruption.
The policy also had a negative impact on small businesses and the informal sector, which rely heavily on cash transactions.
Demonetization was a controversial policy that divided public opinion and sparked protests across India.
Overall, the impact of demonetization on the Indian economy and society is still a topic of debate.