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Question
What are the features of demonetization?
What are the features of demonetization?
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Answer:
The act of stripping the value of a currency unit as a legal tender in a country refers to demonetization. The Rs.500 and Rs.1000 notes is demonetized by the government of India. The demonetization was targeted at:
- In India, to curb the flourishing underground economy.
- To remove counterfeit currencies.
- To make black money eliminated.
- To fight money-laundering and the terror-funding.
- To deal with avoidance of taxes.
- To promote a society that is cashless or digital.
Answer:
The act of stripping the value of a currency unit as a legal tender in a country refers to demonetization. The Rs.500 and Rs.1000 notes is demonetized by the government of India. The demonetization was targeted at:
- In India, to curb the flourishing underground economy.
- To remove counterfeit currencies.
- To make black money eliminated.
- To fight money-laundering and the terror-funding.
- To deal with avoidance of taxes.
- To promote a society that is cashless or digital.
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