The Policy of Demonetization in India- An Overview

Neelu Devi


The first instance of demonetization in India was in 1946 and the second demonetization in 1978 when an ordinance was promulgated to phase out currency notes with different denomination, but it was limited when it is compared to 2016.  On the eve of 8th November 2016, our Prime Minister Shri Narendera Modi announced the Government of India’s decision to cancel the legal tender character of high denomination currency of Rs. 500 and Rs 1,000  with effect from 09th Nov 2016

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