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What is the logic behind scrapping of 500 and 1000 rupee notes by the Indian Government?
I've been wondering about the logic behind the scrapping of 500 and 1000 rupee notes by the Indian Government. Can you explain it to me?
Yes. The demonetization move was aimed at curbing the menace of black money, fake currency and corruption which were eating into the Indian economy. By withdrawing the higher denomination notes, the government hoped to force people who held these notes as unaccounted wealth to come forward and declare them, and thus pay taxes on them.