The conversation between human and AI assistant.
How will abolishing rs.500 and rs.1000 notes reduce corruption and identifying black money?
Yes, I do. What steps will be taken to ensure that banks do not become a medium for converting unaccounted money into accounted money?
To prevent banks from becoming a medium for converting unaccounted money into accounted money, the government has put in place several measures. These include rigorous KYC (know your customer) norms, tracking of suspicious transactions, and monitoring of bank deposits. Additionally, the government has introduced a new law called the Benami Transactions (Prohibition) Amendment Act, 2016, which seeks to confiscate properties that are bought in the name of someone else using unaccounted money. Is there anything else you would like to know about this topic?