The Indian Government stopped the ₹500 and ₹1,000 banknotes of the Mahatma Gandhi series from being a legal tender. Identify the concept being described in the above lines.

[0.80 marks]

Globalisation

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Liberalisation

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Demonetisation

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Privatisation

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Solution

The correct option is C Demonetisation
This condition in which the government ceases the existing money from being a legal tender is called demonetisation. The government also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes.

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