Forums » Off-Topic Discussions

Demonetization is a successful and effective move.

3 4438
Back To Topics
  • July 23, 2020 11:16 PM PDT

    Demonetization is the act of stripping a currency unit of its status as legal tender. ... Sometimes, a country completely replaces the old currency with new currency. The opposite of demonetization is remonetization, in which a form of payment is restored as legal tender.

  • July 23, 2020 11:21 PM PDT

    If we analyse the key objectives of Demonetization, it has remained a success and has been termed as the greatest financial reform that aims to curb the black money, corruption and counterfeit currency notes. All the people who are not involved in malpractices welcomed the demonetization as the right move.

  • November 9, 2023 1:43 AM PST
    [url=/profile/CharlesAlexander]Charles Alexander[/url][url=https://papas-freezeria.com]papa's freezeria[/url] said: Demonetization is the act of stripping a currency unit of its status as legal tender. ... Sometimes, a country completely replaces the old currency with new currency. The opposite of demonetization is remonetization, in which a form of payment is restored as legal tender.
    That's correct. Demonetization is the process of revoking the legal tender status of a particular currency unit, rendering it no longer acceptable as a medium of exchange for transactions. When a currency is demonetized, it typically means that the government or central authority has declared that the currency notes or coins of a certain denomination or series will no longer be valid for financial transactions. This can be done for various reasons, such as to combat counterfeiting, control inflation, or promote the use of a new currency. People holding such currency units are often provided with a window of time during which they can exchange the old currency for a valid one or deposit it in a bank. After the demonetization process is complete, the old currency becomes obsolete for day-to-day transactions.