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Why is the Indian government not abolishing the currency note of 500 and 1000 to reduce black money?
But why didn't the government abolish the currency note of 500 and 1000 to achieve this goal?
The government's decision to demonetize the old 500 and 1000 rupee notes was a step towards reducing the circulation of black money. The government believed that the move would make it difficult for people holding unaccounted income to convert it into legitimate money.