MCQs on Demonetisation in India

Demonetisation is referred to as the process of stripping a currency unit of its status to be used as a legal tender. In simple words, demonetisation is the process by which the demonetised notes cease to be accepted as legal currency for any kind of transaction.

Q1. The first instance of demonetisation in India was on

(a) 1945

(b) 1947

(c) 1946

(d) 1949

Answer: c

Q2. The currency notes that were taken out of circulation in 1946 were

(a) 100 and 500

(b) 100 and 1000

(c) 500 and 1000

(d) 1000 and 10000

Answer: d

Q.3 The second instance of demonetisation in India was witnessed in the year

(a) 1978

(b) 1976

(c) 1972

(d) 1974

Answer: a

Q.4 Who was the prime minister of India during the demonetisation of 1978?

(a) Rajiv Gandhi

(b) Morarji Desai

(c) Indira Gandhi

(d) I K Gujral

Answer: b

Q.5 The currency notes that were demonetised during the demonetisation drive in 1978 were

(a) 100, 500 and 1000

(b) 1000 and 5000

(c) 1000, 5000 and 10000

(d) 5000 and 10000

Answer: c

Q.6 The latest demonetisation event in India took place in

(a) 2014

(b) 2020

(c) 2011

(d) 2016

Answer: d

Q.7 Who was the prime minister of India during the demonetisation of 2016?

(a) Manmohan Singh

(b) Atal Vihari Bajpayee

(c) Narendra Modi

(d) HD Devegowda

Answer: c

Q.8 The denominations that were taken out of circulation after demonetisation in 2016 were

(a) 100, 500 and 1000

(b) 500 and 1000

(c) Only 1000

(d) 100 and 500

Answer: b

Q.9 The new denominations introduced after demonetisation in 2016 were

(a) 1000, 5000 and 10000

(b) 5000 and 10000

(c) 500 and 2000

(d) 2000 and 5000

Answer: c

Q.10 Which one of the following was one of the objectives of demonetisation in 2016?

(a) To gift new notes to people of India

(b) To reduce and prevent circulation of black money in the market

(c) To increase the interest rate

(d) To increase the value of currency

Answer: b

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