Question

The process by which old and worn out notes are replaced by new ones in the economy is called​

Answer 1

Demonitization is your answer

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Answer 2

Explanation:

Exchange at any bank

As per the Reserve Bank of India (RBI), every bank has to accept mutilated, soiled or imperfect currency notes. So you can easily walk into your nearest bank and get your unusable notes exchanged. No fee will be charged for this facility

On November 25, 2016, the exchange of old notes was stopped and the government allowed the use of only old 500 rupee notes at these utilities till December 15, 2016. ... Specified Bank Notes or SBN is the term used to denote the demonetised currency which was allowed to be deposited in bank accounts till December 30, 2016