Can u tell me para.. On demonitisation in 80 words.???
Answers
On 8. November 2016, the Government ofIndia announced the demonetisation of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2000 banknotes in exchange for the demonetised banknotes.[1]The government claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism
Demonetisation (alternate spelling: demonetization) means withdrawing or stopping a currency denomination of its status as a legal tender.
Demonetisation refers, therefore, to the process of deciding that certain coins and banknotes can no longer be exchanged for goods and services.
The process of demonetisation takes the symbolic meaning and power away from a given type of currency.
In India, it was announced on 8th November, 2016 that the Rs. 500 and Rs. 1000 banknotes would cease to qualify as valid tender from 9th November, 2016 onward