The conversation between human and AI assistant.
What are pros and cons of 500 and 1000 currency notes abolishing?
Can you explain how it helps reduce corruption?
Sure. When high-value currency notes are abolished, people with black money which is usually not accounted for in official records, will have a harder time laundering it into the economy. The money they have will effectively become useless as they cannot use it or deposit it in banks without attracting the scrutiny of the authorities. This can reduce corruption and increase transparency in financial transactions.