The conversation between human and AI assistant.
How will the demonetization of Rs 500/1000 notes finish the black money in the market exactly?
What about people who use other methods to store their black money, like foreign bank accounts or investing in offshore assets?
The government has instructed banks to report any suspicious transaction to the Income Tax Department. With the help of the Reserve Bank of India, the department is keeping an eye on foreign transactions related to black money. Additionally, with the use of the Benami Transaction Act, the government can seize assets made with black money.