The conversation between human and AI assistant.
How does the ban on 500 and 1000 rupee notes helps to identify black money and corruption?
So, how will the government identify who's holding black money?
The government has initiated several measures to identify the people holding black money. First, all banks have been directed to keep a close watch on large deposits, and any cash deposits of over 2.5 lakh rupees in a bank account or post office account will have to be accompanied by a PAN card. Second, the government has launched the 'Operation Clean Money' program which will verify cash deposits made between November 10 and December 30 to detect individuals who have deposited large amounts of cash into their bank accounts without disclosing it in their tax returns. Those who fail to explain the source of their cash could face legal action.