Question

What were the objectives of demonetisation of the notes of five hundred and one thousand rupees done on Nov. 8, 2016?

Answer 1

Answer:

To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards.

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Answer 2

The objectives of demonetisation of the notes of five hundred and one thousand rupees done on Nov. 8, 2016 to removing Black Money and corruption from Country.

Explanation:

• Demonetisation is defined as the withdraw of money from the use.

• The government said the main goal of the exercise was to eradicate black currency.

• With revenue that was not registered and therefore untaxed, money received by corruption, illicit selling of goods and illegal activities like trafficking in human beings and counterfeit money.

• The central government and RBI outlined three main goals of demonetisation by elimination of black money and corruption by preventing cash flow by preventing currency falsification and the fight against terrorism by cutting off cash financing from terrorist groups in India.

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