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Why does 500 and 1000 Rs notes banned by GOI and new notes of 500 and 2000 are issued?
How did demonetization help in curbing black money?
By banning the 500 and 1000 Rs note, the government aimed to curb the circulation of black money that is often traded in high denominations. With the ban, those holding black money had to go through a series of complicated steps to convert their money into legal tender or face losing it altogether, making it more difficult to use black money in transactions.