The Government of India made an announcement to demonetise ₹500 and 1,000 on :
Answer & explanation
Correct answer: option 2
The correct answer is option (2)- November 8, 2016.
The Government of India made an announcement to demonetise ₹500 and 1,000 on November 8, 2016.
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. A feature of demonetisation is to create a less-cash or cash-lite economy, i.e., channeling more savings through the formal financial system and improving tax compliance.