The conversation between human and AI assistant.
Replacing 500 and 1000 notes- how will this move reduce black money?
I was wondering if you could explain to me how the recent move to replace 500 and 1000 rupee notes in India will help to reduce black money.
Yes, certainly. The reasoning behind this move is that it targets individuals who have large amounts of illegal or undeclared income, commonly referred to as black money. By invalidating the high-denomination currency bills, it becomes more difficult for individuals to store and transact these large sums of money without being detected by the government.