₹2000 banned in India

The government implemented several measures to ease the transition, such as allowing certain exemptions and introducing new currency notes in a phased manner. However, the sudden withdrawal of a large portion of the currency in circulation did have short-term impacts on economic growth, as businesses and individuals faced difficulties in conducting transactions. The long-term effects of the demonetization policy remain a topic of debate among economists and analysts. While it is believed that the policy may have helped in curbing some illegal activities and encouraging the transition towards a digital economy, the overall impact on the Indian economy is still a subject of discussion.