Demonitisation 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, often to bereplaced with new coins or notes. On 8 November 2016, the Indian Prime Minister Mr. Narendra Modi announced the demonetization of all ₹500 and ₹1000 bank notes of the Mahatma Gandhi Series. However, more than 99% of those currencies came back to the RBI.
1. Objectives of Demonetisation
· Removing Black Money from the country.
· Stopping of Corruption.
· Stopping Terror Funds.
· Curbing Fake Notes
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