The conversation between human and AI assistant.
Will the decision to demonetize 500 and 1000 rupee notes help to curb black money?
Could you explain how demonetization can lead to a decline in black money?
Sure. Demonetization makes it more difficult to store and use illegal cash holdings undetected. People with large amounts of undisclosed cash have to either account for the money or throw it away, helping to reduce the amount of black money in circulation. Additionally, demonetization can encourage greater use of digital transactions and promote formalization of the economy, which can help to curb black money in the long run.