India Says Ban High-Value Notes to Curb Black Money : CBDT

According to Central Board of Direct Taxes (CBDT), the common man wants government to ban high-value notes to curb black money. CBDT had appealed to public to share its views on tackling the problem of illegal funds.

The Finance Ministry report in response to the public demand says that, high value currency notes like Rs 1,000 and Rs 500 may not help curb black money. Demonetisation is not at all a solution to curb black money, since large amount of money is held in the form of benami properties, bullion and jewellery.

The report says that, demonetisation will have an adverse impact on the banking system mainly the issues like handling cash and transportation of cash will be difficult and also cause inconvenience to the general public. It will increase the cost of printing as more currency notes have to printed for disbursing the same amount.

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