Question

what is the concept of demonetisation ? why was demonetisation done ?
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Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Concept:

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.

Explanation:

Reason:

The Indian government had demonetized banknotes on two prior occasions—once in 1946 and once in 1978—and in both cases, the goal was to combat tax evasion via "black money" held outside the formal economic system.