In this article, we have published an Essay on Demonetization in Words for Students and Children. This essay includes its consequences, history, the effect on a common man, 10 important lines on demonetization. The act of stripping a currency of its status as a legal tender is known as demonetization. It transpires whenever there is a change of national currency; that is, the current form of currency is pulled from circulation, and new notes and coins often replace it. Sometimes a country replaces the old currency by new currency.
The Definition And Concept Of Demonetization: [Essay Example], words GradesFixer
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Demonetization is the process of stripping down a currency of its status as a legal tender a legal tender is anything that is recognized by the law of a country as a means to settle public, or private, debt; or to meet any financial obligation. In doing so, the current form of currency is removed from circulation, and is retired; usually, a new currency replaces it. On November 8, , led by PM Narendra Modi, the government of India announced the withdrawal of and rupee notes from circulation.
This demonetisation essay will deal with the background, causes, effects, public opinion, advantages and disadvantages of demonetisation in India. Origins of the idea: Demonetisation has earlier occurred two times in the Indian economy , both times the goal was to combat tax evasion through black money. The first demonetisation occurred in , during the rule of the interim government under Jawaharlal Nehru. It was undertaken to target the tax-evading business corporations which were hiding the huge profits they had made by supplying the Allied powers in World War 2.