article on Demonitization about 50 words
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Demonetization is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency: The current form or forms of money is pulled from circulation and retired, often to be replaced with new notes or coins.
Last year on November 8, Indian Prime Minister Narendra Modi declared that all 500 and 1,000 rupee notes would cease to be legal tender in a surprise television announcement. Demonetization, as it was called, applied to 86% of the value of all currency in circulation.
Last year on November 8, Indian Prime Minister Narendra Modi declared that all 500 and 1,000 rupee notes would cease to be legal tender in a surprise television announcement. Demonetization, as it was called, applied to 86% of the value of all currency in circulation.
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