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Chapter: 12th Economics : Banking

Demonetisation

Demonitisation is the act of stripping a currency unit of its status as legal tender.

Demonetisation


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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