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In one of the historical reforms of the economy of India, 500 and 1,000 notes were banned, effective from 08th Nov 2016 Tuesday midnight. There are few reasons behind this bold movement.
- Increased fake higher denomination currency notes
- Misused by Terrorist for hoarding Black Money
- Non-Disclosure of Source of Income
- To stop Illegal funding to political parties during elections
- To encourage cashless transactions
Does this mark the beginning of the end of black money in India? Let’s wait and watch.