Dictionary definition of demonetisation is the act of stripping a forex unit of its standing as authorized tender. In easy phrases, when demonetisation of a forex happens, the forex loses its face worth and is not for use as authorized cash for any form of transactions. On November 8, 2016, Narendra Modi let Authorities introduced the demonetisation of all Rs 500 and Rs 1000 financial institution notes. The Prime Minister claimed that this might curtain the shadow financial system, improve cashless transactions and cut back the usage of illicit and counterfeit money to fund criminal activity and terrorism. Did it actually occur?
Right here is the detailed dialog with Dr Rathin Roy, Economist and Former Member Prime Minister Financial Advisory Council on how sensible was demonetisation choice as a part of our collection on 10 years of NDA.
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