The conversation between human and AI assistant.
How does banning 500 and 1000 rupee notes help to control black money?
Can you explain to me how banning 500 and 1000 rupee notes helps to control black money?
Sure, the aim of the demonetization was to curb black money, counterfeit currency and terror financing by bringing the stock of cash or currency in circulation down. By banning the higher denomination notes, it was expected that people holding black money in these denominations would not be able to exchange their cash for legal tender without disclosing their holdings.