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How will the demonetization of Rs 500/1000 notes finish the black money in the market exactly?
Can you explain to me how the demonetization of Rs 500/1000 notes will finish the black money in the market exactly?
Sure. Demonetization of Rs 500/1000 notes means that the old currency notes will no longer be accepted as a legal tender. This move is expected to bring out the black money that people have been hoarding illegally, forcing them to exchange it for new notes in banks where they will have to disclose their identity and source of income. This will enable the government to track down those who have evaded taxes and force them to pay penalties.