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of <h1>Ex-World Bank Economist Criticizes India's Demonetization, Warns of Negative Economic Impact and Potential Gold Price Surge.</h1> The former World Bank Chief Economist criticized the Indian government's demonetization of Rs. 500 and Rs. 1,000 notes, arguing it is not sound economic policy and its negative effects may outweigh benefits. He noted potential spikes in gold and silver prices due to this move. The demonetization aimed to combat black money, causing people to rush to banks to exchange or deposit old notes. Restrictions on withdrawals were imposed, with limits set at Rs. 10,000 per day and Rs. 20,000 per week. Meanwhile, efforts are underway to resolve issues for implementing the Goods and Services Tax (GST) by April 1, 2017.
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