Induced magnetism is purely temporary.
True
If one pole of a bar magnet is brought near to small iron nail then due to magnetic induction it is attracted towards the magnet and clings to it. This magnetised nail magnetises the other nail near it by magnetic induction and attracts it. This process continues until the force of attraction of the magnet on the first nail is sufficient to balance the total weight of all nails in the chain below it. Now holding the uppermost nail in position by fingers, if the magnet is removed all nails will fall down. This means magnetic induction is temporary and lasts as long as magnet causing induction remains in the vicinity.