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 500 and 1000 rupee notes was implemented to fight against corruption, black money and counterfeit currency. The government believes that the majority of illegal money is kept in the form of cash and these high-denomination notes make it easier to carry and store large sums of black money. By replacing these notes, the government hopes to force the holders of black money to declare their unaccounted cash or lose it all.