The conversation between human and AI assistant.
How exactly does banning Rs 500 and Rs 1000 notes curb the problem of black money?
How exactly does demonetization help reduce black money?
Demonetization refers to the act of invalidating the old currency notes and replacing them with new ones. This disrupts the flow of illegal cash and makes it easier for the government to identify and take action against those who hold unaccounted wealth. It also encourages people to transition to digital modes of payment, which makes transactions more transparent and traceable.