The conversation between human and AI assistant.
How does the ban on 500 and 1000 rupee notes helps to identify black money and corruption?
Can you explain how the ban on 500 and 1000 rupee notes helps to identify black money and corruption?
Certainly. The ban aims to curtail the circulation of black money in the economy, specifically those that were obtained through illegal sources such as corruption, bribery and tax evasion. By taking out the high denomination notes from circulation, it is more difficult for individuals to exchange the illegal currency for legal tender. This disruption can force those with black money to declare their wealth, pay taxes and avoid engaging in illegal activities in the future.