The conversation between human and AI assistant.
How does the ban on 500 and 1000 rupee notes helps to identify black money and corruption?
Can you explain to me how the ban on 500 and 1000 rupee notes helps to identify black money and corruption?
Sure. The ban on high-denomination currency notes was aimed at curbing black money, corruption and terror funding. The sudden withdrawal of these notes from circulation forced people with unaccounted wealth to either deposit it in banks, which would then be subject to tax scrutiny, or to exchange it for legal tender, which would expose them to tracking by the authorities.