Question

what is demonitisation

Answer 1

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

Answer 2

This concept surely seems familiar to all of us, as it is now filling newspapers and newsrooms across the country.
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Demonetization is the legal act of making a currency invalid, and replacing it with a new one.In other words, it could be a removal of a particular currency, say Rs 1000, from circulation, and issuing a new one of equivalent value or denomination. Demonetization takes places also , when the currency of a nation changes.

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