Demonetisation of jam topic
Answers
Answer:
Explanation: Demonetization is the act of stripping (clearing) 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).
On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹2000 notes of the Mahatma Gandhi Series. And announced the issuance of new ₹500 and ₹2,000 banknotes of the Mahatma Gandhi New Series in exchange for the old banknotes.
The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. This was the 3rd time of demonetization earlier it had done in 1946 and then in 1978 by Indian government to eradicate illegal activities in the country