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Why were the 500 and 1000 rupee notes demonetized?
How did it work?
The government declared that the notes would no longer be legal tender, meaning they could not be used in transactions. People had to exchange their old notes for new ones, with a limit on the amount that could be exchanged at once. The goal was to force illegal cash hoarders to deposit their money in the bank, where it would be subject to scrutiny and taxes.