The conversation between human and AI assistant.
How will the ban on 500 and 1000 rupee notes bring out the black money of the big shots who have lots of it in the Swiss bank in a different currency?
Can you explain to me how the ban on 500 and 1000 rupee notes will bring out black money that big shots have in Swiss banks in a different currency?
Sure. The ban on high-value notes is expected to flush out black money that has been hoarded in cash in India. This will force individuals who have accumulated black money to deposit it in their bank accounts. Once the money is in the banking system, it will be easier for the government to track and tax it. As for Swiss bank accounts, the Indian government has already signed various agreements with Switzerland that allow for the exchange of information related to bank accounts held by Indian citizens. Additionally, the government has set up a task force to examine ways to track black money held in foreign accounts.