The conversation between human and AI assistant.
How will the black money be affected reserved in foreign banks by banning 500 and 1000 Rs. Note?
How exactly will it impact them?
Well, those with unaccounted for cash in India will now have to declare it and face taxes and penalties, or they can deposit it in their bank accounts. However, if they have stashed away unaccounted for cash in foreign banks, they will be unable to deposit their old notes in those banks, as they are no longer legal tender. This means that they will have to bring it back into India and face taxes or penalties, or they risk losing the value of their unaccounted for cash.