Question

write a note on demonetisation of currency?

Answer 1

Answer:

On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes. Wikipedia

Dates: 8 Nov 2016 – 30 Dec 2016

Location: India

Answer 2

Explanation:

Explanation:Hey dear,✌️

What is demonetization?

Demonetization is a process of stripping a currency unit of its status as a legal tender. In simple words, demonetized notes are no longer valid as legal currency. Usually, a new currency replaces the old currency unit/s.

Why did the Government demonetize 500 and 1000 notes in 2016?

To plug financing to terrorists.

To plug financing to terrorists.To help unearth black money.

The unearthed black money will expand the fiscal space of the government.

To help reduce interest rates in the banking system

To help formalize India’s informal economy. It will reduce the extent of cash transactions and help in the creation of a less-cash economy.

The government also offered several incentives to induce people to use digital transactions.

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