Practicing Success

Target Exam

CUET

Subject

Business Studies

Chapter

Business Environment

Question:

What were the specified purposes for which the demonetized notes could still be used?

Options:

Purchasing luxury items

Paying utility bills

International transactions

Investing in the stock market

Correct Answer:

Paying utility bills

Explanation:

The Government of India, made an announcement on November 8, 2016 with profound implications for the Indian economy. The two largest denomination notes ₹500, ₹1,000, were ‘demonetised’ with immediate effect, ceasing to be legal tender except for a few specified purposes such as paying utility bills.