Demonetization is the act of withdrawing a currency unit from its status as legal tender. For example, the honourable Prime Minister Narendra Modi announced the Demonetization of Rs. 500 and Rs. 1000 currency notes on the 8th of November 2016. He mentioned that the move would take place with immediate effect in his address to the nation, which will be remembered forever in the history of India because of its significance and impact on the nation’s economy and related issues.
He claimed that the objective of demonetization was to eliminate black money, eradicate counterfeit currency, combat tax evasion, block terrorist financing activities, and to promote a cashless economy. Upgrade to Basic Plan to unlock this content!This content is locked
The above instances explicate that demonetization is used for various reasons such as to curb tax evasion, eliminate black money, eradicate counterfeit currency, hinder funding to anti-social activities, promote a cashless economy, improve security features of currency bills, tackle inflation and for changeover operations from one currency to another currency.
Hence, Demonetization can be done according to the requirements and needs of a country. However, no two countries may not have the same reasons to implement it.
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