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What happens in the case of demonetization of money?
Demonetization is the act of removing currency as legal tender. The current form of money is stripped from circulation and dismissed in the case of demonetization. New forms of notes and coins are replaced by the old ones. Nations often fully introduce a new currency by replacing the old currency.
Which is the first challenge associated with demonetization?
The first challenge is the internet connection and availability. Due to demonetization, many people would go cashless. Therefore, they would resort to E-cash and E-payment. However, in many developing nations, internet connectivity is quite poor. Hence, this forms a major challenge for any government which intends to implement demonetization.
How to write a 500 word essay on demonetization?
500 Words Essay on Demonetization Demonetization refers to the act of stripping a currency as legal tender. In demonetization, the current form of money is removed from circulation and retired. Furthermore, the replacement of this form of money occurs with new notes or coins.
What is the current meaning of demonetisation in India?
Demonetisation Essay: Demonetisation of the money implies discontinuity of the distinct currency from the transmission and substituting it with a fresh currency. In the contemporary meaning, in India, it is the banning of the 500 and 1000 denomination currency notes as a legal tender.
Last Update: Oct 2021
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