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What is the point of demonetization of 500, 1000 currency notes and bringing new notes in circulation when new notes can be used for same purpose?
I have a question about demonetization. What was the point of demonetizing the 500 and 1000 currency notes and replacing them with new ones when people can still use the new notes for the same purpose as the old ones?
Demonetization of 500 and 1000 currency notes was done to curb black money, corruption, and terror financing. The old notes had no unique identification feature, and hence they were being used for hoarding and tax evasion.