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- Page 4 Curse Of The Black Money: How India's Economic Woes Worsened Post Note Ban With the Indian government’s decision to ban high-value currency notes in November 2016, the nation’s economic woes have only worsened. This has been particularly true for the rural economy, where the majority of the population is dependent on cash-based transactions. The impact of the ban has been felt across the country, with many sectors such as agriculture, construction and small businesses being particularly hard hit. The effects of the ban have been felt in both the short-term and the long-term, with the former being more immediate and the latter having a lasting impact on the economy. In the immediate aftermath of the ban, there was a major disruption in the cash flow as citizens scrambled to exchange their old notes for the new ones. This led to a liquidity crunch, with businesses unable to pay their workers and suppliers. This in turn led to a sharp decline in demand, resulting in a contraction in the economy. The longer-term effects of the ban have been more damaging, as the lack of liquidity has led to a slowdown in investment and job creation. This has resulted in a fall in GDP growth and an increase