When is Demonetisation, a new initiative was taken by the Government of India?

November 2016.

The correct answer is Option (1) → November 2016.

Demonetisation in India was announced by Prime Minister Narendra Modi on 8th November 2016. On this date, the government declared that ₹500 and ₹1000 currency notes would cease to be legal tender with immediate effect. This move was aimed at curbing black money, counterfeit currency, and corruption.