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How does banning 500 & 1000 rupee notes solve black money problem?
Can you explain to me how banning 500 & 1000 rupee notes solves the black money problem in India?
Sure, the banning of 500 and 1000 rupee notes is a measure taken by the Indian government to combat black money. By demonetizing these notes, individuals and businesses with large amounts of unaccounted cash will not be able to use it without drawing suspicion from authorities. This will encourage people to deposit their undisclosed income into banks, increasing transparency in the financial system and reducing the circulation of black money.