Which of the following statements is true in regards to "Demonetization"?
Statement 1- On November 8, 2015, the government announced a historic measure, with profound implications for the economy.
Statement 2- Two largest denomination notes of 1,000 and 2,000 were demonetized with immediate effect.
Answer & explanation
Correct answer: option 4
The correct answer is Option 4: Neither statement 1 nor statement 2 is true
Statement 1- On November 8, 2015, the government announced a historic measure, with profound implications for the economy. Incorrect. On November 8, 2016, the government announced a historic measure, with profound implications for the economy.
Statement 2- Two largest denomination notes of 1,000 and 2,000 were demonetized with immediate effect. This is incorrect. Two largest denomination notes of 1,000 and 500 were demonetized with immediate effect.