A Pragmatic Study on Demonetisation
Keywords:
Currency, Demonetization, Cashless transaction, Black Money, Put differentlyAbstract
The removal of a monetary unit from circulation is demonetization. The monetary unit is denied legal tender status. Demonetization is the process by which a monetary unit ceases to be legal tender. Banknotes are not considered valid currency. Demonetization is a government action in which a monetary unit loses its status as legal tender. Demonetization is a prerequisite for changing a country's currency. Put differently, demonetization can be understood as a currency exchange in which one old monetary unit is swapped out for a new one. This could involve the release of brand-new coins and banknotes in the same
denomination or in completely different ones. The purpose of this study is to comprehend the significance, justifications, and effects of demonetization. The analysis sheds light on both the advantages and disadvantages of demonetization for the Indian economy.
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