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How does banning 500 & 1000 rupee notes solve black money problem?
I'm curious about the recent announcement in India regarding the ban on 500 and 1000 rupee notes. Can you explain to me how this will solve the black money problem?
Certainly! By banning these high denomination notes, people with undeclared or illegally acquired cash will find it harder to exchange or deposit their money without raising suspicion. This move will encourage the use of digital payments and discourage cash transactions, which will make it easier for the government to track and monitor financial activities.